Less hassle of opening a bank account now for vulnerable persons

The Parliament of St Vincent and the Grenadines has recently passed an amendment to the Banking Act, which would make it easier for poor and vulnerable persons to open a bank account.

The Banking Amendment Bill 2025 was tabled in the House of Assembly on Thursday March 6,2025 by Minister of Finance, Camillo Gonsalves. Leading off debate on the Bill, Minister Gonsalves noted that the banking laws in St Vincent and the Grenadines were previously revised in the years 2015 and 2021.

This further amendment in 2025 seeks to govern banks and financial institutions, and their relationship with the Eastern Caribbean Central Bank (ECCB), and also their relationship with their customers.

Minister Gonsalves further explained that the Banking Amendment Bill 2025 is a “common legislation across the Eastern Caribbean Currency Union”.

This amendment will be passed in all member states, to ensure that the banking business within the ECCU is under the same set of rules, regulations and oversight.

This new law will make it easier for poor and vulnerable persons to open a bank account, in order to save or do business.

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