ECB supports access to cash in Belgium
The European Central Bank (ECB) is in favour of increasing the number of cash machines in Belgium. This is one of the takeaways from an ECB opinion issued further to a request by Pierre Wunsch, Governor of the National Bank of Belgium.
The European Central Bank is in favour of increasing the number of cash machines (ATMs) in Belgium, according to an opinion issued further to a request by the Governor of the National Bank.
The request for an opinion related to a draft law submitted to the country’s federal Parliament. The proposal aims, in particular, to amend the Banking Act in order to include an obligation for banks to roll-out a network of ATMs so as to guarantee access to cash for the entire population.
The ECB stresses the importance of access to cash
In its opinion, the ECB stresses the importance of access to cash throughout Belgium and considers that the draft law is a step in the right direction: “The ECB welcomes the objectives of the draft law aimed at ensuring physical access to basic non-digital banking and financial payment services, particularly those aimed at ensuring sufficient and effective access to cash throughout the country”.
The ECB advocates in favour of cash payments: “Cash payments facilitate the inclusion of the entire population in the economy (...), thus ensuring freedom of choice as to [the] method of payment for all citizens”. Consequently, in order to guarantee widespread access to cash, the ECB is in favour of increasing the number of ATMs in Belgium.
Click here to read the ECB’s opinion in full.