WILLEMSTAD – Financial inclusion in Curaçao has improved steadily over the past four years, but a significant portion of the population still remains outside the formal banking system, according to a new CBCS household survey.
The percentage of adults with a current account rose from 84 percent in 2020 to 88 percent in 2024. The share of completely unbanked residents — those relying solely on cash — fell from 12 percent to 8 percent over the same period.
This progress is partly attributed to policy changes and increased pressure on banks to ease account-opening requirements. In anticipation of legislation granting everyone the right to a basic payment account, which entered into force in July 2025, banks adopted more flexible practices.
Still, barriers remain. Among those without a current account, the most common reasons include lack of proof of income, absence of a local ID, and insufficient funds. More than half of the unbanked population consists of people born in Curaçao, while others mainly originate from Venezuela, Colombia, and the Dominican Republic.
The findings underscore that financial exclusion is not merely a migrant issue, but also affects locals with unstable employment, retirees, and those in the informal economy. While progress is evident, the data suggest that legal access alone will not solve inclusion challenges without parallel efforts in employment, documentation, and affordability.
