WILLEMSTAD - According to the Central Bank of Curaçao and St. Maarten, four in ten residents of Curaçao indicate that it is not easy to open a checking account with the bank. About 16 percent do not even have a bank account. Reason: they do not have a pay slip or other proof of regular income.
Cash is still king in Curaçao. Cash is the most commonly used payment method. And to make purchases or pay bills - cumbersome - cash is first withdrawn and then paid, even though there are more efficient ways.
This is evident from the report 'Households' financial affairs in Curaçao 2020', into the financial position and payment behavior, conducted by the Central Bank CBCS in collaboration with the Central Bureau of Statistics (CBS). It took place a year ago; from November 2019 to February 2020. A total of 2,000 households were approached for an interview, with a response of 58 percent.
The fact that cash is very popular on the island is evident from the answer that 41 percent is not yet willing to stop or reduce the use of cash. At the same time, it appears to be not easy to open a checking account with a bank. This deserves further investigation, the authors believe, in order to remove the obstacles.