Basseterre, St. Kitts, June 11, 2026 (PMO) — Prime Minister and Minister of Finance, Hon. Dr. Terrance Drew, has called for greater accessibility within the banking sector to ensure that children and young people are not unnecessarily excluded from the financial system, emphasizing that modern banking must serve all citizens regardless of age or circumstance.
Speaking during the debate on the Banking (Amendment) Bill, 2026, in the National Assembly on Thursday, June 11, Prime Minister Drew highlighted the practical challenges many young people face when attempting to open bank accounts, despite growing national efforts to encourage financial literacy, saving and investment from an early age.
The Prime Minister noted that while financial institutions have a responsibility to comply with regulatory requirements, the banking system must also be responsive to the realities faced by children and young people who often do not possess the forms of identification commonly required to establish banking relationships.
“You want to open a bank account in savings and leaves, and you have to bring this to IDs, and this all sort of things, and we are saying, well, why is it we can’t make it simpler for people to be open, for people to open a bank account,” Prime Minister Drew said.
He pointed to situations where children have been turned away from banking institutions because they are unable to provide multiple forms of identification, despite possessing legitimate documentation such as passports and birth certificates.
Prime Minister Drew stressed that such barriers can prevent young people from developing healthy financial habits and establishing early relationships with formal financial institutions. He argued that the banking sector should support national efforts to promote financial inclusion and economic empowerment among youth.
The Prime Minister linked this objective to the Government’s landmark ASPIRE Program, which provides children between the ages of five and eighteen with opportunities to build savings and investment portfolios from an early age.
“That is why we started the Aspire program. The Aspire program gives every child from five to 18 on Saint Kitts and neighbors too the opportunity to have an account, and with that $500 in savings and $500 to invest, Madam Speaker, and they should have an account, Madam Speaker,” he said.
Prime Minister Drew explained that initiatives such as ASPIRE are designed not only to provide financial resources for young people but also to cultivate a culture of saving, investing and long-term wealth creation.
“Children must be able to have an account, and we should start to engender in that, Madam Speaker, how to access banking services, how to save, how to invest, so that, Madam Speaker, a lot of us who grew up works had to wait until we get big to start to build something they can start building it while they are at school,” he stated.
The Banking (Amendment) Bill, 2026 forms part of a broader effort across the Eastern Caribbean Currency Union to strengthen consumer protection, improve access to financial services and ensure that banking systems remain responsive to the needs of all citizens.
