The amendments seek to introduce an obligation for institutions to provide basic bank accounts to eligible individuals. By granting access to these essential banking services, basic bank accounts equip individuals with the tools needed for financial independence and effective money management. The inability to receive wages electronically creates serious challenges, including securing employment, as a bank account has become a critical requirement for many jobs. By providing access to basic bank accounts, these barriers can be removed, allowing individuals to participate more actively in the labour market.” It is proposed to amend the Act to allow the Minister of Finance, acting upon the Authority’s advice, to issue Regulations outlining the product and service features of a basic bank account and the eligibility criteria for basic bank account holders.