The ECCU Urges Montserrat to Take Advantage of Digital Technologies When Making Banking Transactions

Montserrat and other members of the Eastern Caribbean Currency Union need to do more to take advantage of digital technologies.

The call is made by Governor of the Eastern Caribbean Central Bank Timothy J Antoine.

He believes that  existing digital technologies, as critical as they are at present, are currently underutilized.  

He points to the region’s high cash usage, such that the value of ATM withdrawals exceeds the value of debit and credit card transactions, rendering the ECCU less prepared for the initial impact of the pandemic and the ability to cope thereafter.  

According to Governor Antoine the COVID experience demands a more resilient payment system in the ECCU and inject even greater urgency for DCash, the ECCB’s digital currency, which was rolled out to the public on March 31.   

Furthermore, he says, it highlights the great need for the Caribbean Digital Transformation Project (CARDTP).

Governor Antonine is proposing the upgrade of the Telecommunications Act; and policies to allow for competition and guarantee quality and affordability of service.