Montserrat Joins ECCU in Launch of First Step Savings Account to Boost Financial Inclusion

Bank of Montserrat Limited has officially rolled out the First Step Savings Account, making Montserrat the latest territory in the Eastern Caribbean Currency Union (ECCU) to launch the initiative aimed at increasing financial inclusion.

The account, developed in collaboration with the Eastern Caribbean Central Bank (ECCB) and ECCU financial institutions, is designed to simplify the process of opening a bank account, particularly for those who have previously been excluded from the financial system.

According to the ECCB, the First Step Savings Account forms part of its wider strategy to improve the ease of doing business in the region by providing a basic entry point into the banking sector for the unbanked and underserved.

“This account is recommended for savings and easier payment processes and overall, will improve the ECCU financial sector,” said Ron Leon, Senior Manager of Corporate Services at Republic Bank, Saint Lucia, during a recent episode of ECCB Connects.

Sonya Roberts-Carter, Chief Operations Officer at the Eastern Caribbean Amalgamated Bank in Antigua and Barbuda, described the new account as “geared primarily towards those individuals who have never established a relationship with a commercial bank or financial institution.” She added that the initiative ensures customers across the region have the same experience, with “no monthly fees and no minimum deposit to maintain such an account.”

The First Step Savings Account offers:

• No opening fee
• No minimum deposit required
• A minimum interest rate

Account holders will also be able to access Point of Sale (POS) transactions, bill payments, ABM/ATM services, Electronic Funds Transfers (EFTs), and e-commerce purchases.

To qualify, applicants must not currently hold a bank account in Montserrat or elsewhere in the ECCU. They will only need three documents to apply: a valid government-issued ID, proof of address, and proof of source of funds.

Bank of Montserrat officials said the launch represents a significant milestone for the island, bringing it in line with the rest of the region’s financial institutions that have already implemented the product.

“The First Step Savings Account represents a practical solution for people who, until now, have found it difficult to enter the formal banking system. It’s about giving every individual the opportunity to take their first step towards greater financial empowerment,” General Manager Josephine George stated.

The ECCB noted that the account is a collaborative effort between the central bank, the ECCU Bankers Association, and the Ease of Account Opening Working Group, and is central to the region’s drive to expand access to banking services.

Residents interested in opening an account can visit the Bank of Montserrat branch in Brades for assistance.

For more details about the regional initiative, the ECCB has also featured the product on its ECCB Connects programme, available on its social media platforms.