The Central Bank is still actively seeing to improve what still remains a “less than satisfactory” experience in opening accounts at domestic banks according to Governor John Rolle, noting that the target is to reduce the average time it takes to open a business account to less than two weeks.
“The Central Bank is actively pushing to improve what still remains a less than satisfactory experience in opening accounts at domestic banks, including for businesses; and banks have taken on the task to identify reformed practices, changes in government policies and Central Bank regulations that could specifically reduce the average amount of time it takes to open a business account,” said Rolle while delivering remarks at the opening of the regulator’s recent Financial Literacy Fair and Digital Expo.
“The target is to reduce the average experience to less than two weeks. Feedback from the business community is that it is now taking [much] longer than this on average to conclude the process.”
Rolle continued: “Regarding the personal banking experience, in the last month, there has been further easing of the “know-your-customer” or the KYC requirement, so that a Bahamas driver’s license is sufficient ID, by itself to open a bank account for low-risk clients. This characterizes the substantial majority of persons who present themselves to open a deposit account.