Debut: National Forum on Payments
On November 29, the Central Bank of Aruba held the inaugural meeting of the ‘Foro di Pago Nacional’ focusing on digital financial inclusion. The National Forum on Payments, an initiative of the Central Bank of Aruba, serves as an advisory platform between the private and public sectors aimed ensuring an efficient payment system by discussing current bottlenecks and social consequences of new developments in the payment system, devising measures to promote efficiency, security, accessibility, availability, and standardization in payments, among others.
The National Forum on Payments brings together representatives from various stakeholders in the Aruban payment ecosystem, including banks, payment service providers, and merchants. This collaboration can help to identify and address emerging payment trends and technologies, creating opportunities for foreign investors to bring innovative solutions in the Aruban market. Furthermore, it supports regulatory alignment and promotes financial inclusion to all segments of the population, making the market more attractive to foreign investors looking to expand their reach to underserved communities.
Publications from the Central Bank reveal that, while Aruba exhibits relatively high access to financial services, there remains room to enhance accessibility and efficiency of payment systems. Financial inclusion is integral to the economic management strategies of the Ministry of Economic Affairs, Communication, and Sustainable Development. During the forum, Minister Geoffrey Wever elaborated on the significance of access to and utilization of financial services, such as bank accounts and savings, for citizens and businesses. The Minister outlined diverse initiatives aimed at promoting access to and the use of financial services, as well as safeguarding consumers. Initiatives such as the Consumer Credit Regulation law, which came into effect on June 16, 2022, and the Basic Payment Account Act (in process) aimed at banking the unbanked by reducing the requirements.