Haiti’s Banking Regulations Take a Leap Forward: New Measures Promote Interoperability and Ease of Transactions
A Significant Step Towards Modernizing the Banking System
The Haitian Central Bank has announced a major overhaul of the country’s banking regulations, aimed at promoting interoperability and ease of transactions among debit card holders. Starting October 1, 2020, ATM systems from major banks such as Unibank, SOGEBANK, Capital Bank, and cooperatives Kotelam and Koples will be interconnected, allowing customers to withdraw cash from any machine bearing the “PRONAP” logo.
Improved Banking Services
This move is seen as a significant step forward in modernizing Haiti’s banking system, which has long been plagued by limitations and inefficiencies. The new arrangement promises to make transactions faster, more secure, and cost-effective for consumers.
- Faster transactions: With interconnected ATMs, customers can now access their funds from any machine bearing the “PRONAP” logo.
- More secure transactions: The new system reduces the risk of fraud and increases security measures for debit card holders.
- Cost-effective: Interconnected ATMs eliminate the need for customers to travel long distances to withdraw cash.
Enhanced Bank Account Options
In addition to these changes, residents of Haiti can now hold bank accounts in both local currency (Haitian gourde) and US dollars, with no additional fees required for opening an account. The required documents for opening a personal or business account include:
- Proof of identity
- Address proof
- Minimum deposit requirements
Relaxation of Foreign Exchange Controls
The government has also relaxed foreign exchange controls, allowing for the free flow of capital into and out of the country. Remittances from abroad make up a significant portion of Haiti’s foreign currency earnings, and there are no restrictions on the amount of money that residents can hold in bank accounts or transfer abroad.
Concerns about Volatility
However, concerns have been raised about the volatility of the Haitian gourde, which has experienced wild fluctuations in recent years. The government is working to implement stricter measures to monitor money transfers and combat illicit cash flows, as mandated by the 2013 Anti-Money Laundering Act.
Citibank’s Presence in Haiti
Citibank remains the only US bank operating in Haiti, primarily serving corporate accounts. Local correspondent banks are not available, but the country’s banking system continues to evolve and improve with each passing year.
Additional Resources
For more information on Haiti’s banking regulations and investment climate, please consult the Investment Climate Statement 2023.