Bankitalia urges banks to remove barriers to basic low-cost accounts for vulnerable customers
Executive summary: The Bank of Italy issued a directive to banks and payment service providers to avoid creating obstacles to the opening of basic bank accounts for low-income and vulnerable customers. The measure supports financial inclusion by ensuring access to essential, low-cost banking services for those at risk of exclusion from the formal financial system.
Who is involved: Bank of Italy (issuing authority), banks and payment service providers in Italy (target of directive), low-income and vulnerable individuals (intended beneficiaries).
Likely next: Monitoring of compliance by the Bank of Italy, potential follow-up guidance or reporting requirements, and increased promotion of basic accounts by financial institutions.
The Bank of Italy has instructed financial service providers not to discourage or obstruct the opening of basic bank accounts, a low-cost product designed for individuals with low incomes or financial vulnerability. This move aims to enhance financial inclusion by ensuring equitable access to essential banking services. The directive follows concerns that some institutions may be indirectly deterring uptake through complex procedures or lack of promotion. No penalties or specific enforcement mechanisms were mentioned in the announcement.
Timeline
- — Come funziona il conto base, lo strumento low cost per i redditi bassi. Bankitalia: “Basta ostacoli” (la Repubblica — Economia)
Analysis — what this means
Likely next events
- Bank of Italy to assess compliance with basic account access directive by end of Q4 2026
- Italian Banking Association (ABI) to issue internal guidelines to member banks by September 2026
Sectors affected
- Retail banking in Italy
- Financial inclusion services
- Consumer protection in financial products
Regulatory implications
- Bank of Italy may introduce monitoring reporting on basic account openings by banks (expected 2027)
- Reinforcement of EU Payment Accounts Directive (2014/92/EU) implementation in Italy regarding fee transparency and access
Historical parallels
- Italy’s 2018 basic account ('conto di base') expansion under MEF decree, increasing uptake by 22% in two years
- France’s 2009 'livret A' accessibility reforms boosting low-income savings participation by 18%
- UK’s 2016 basic bank account rollout mandated by CMA, reducing unbanked households by 300,000 in three years
Sources
- Come funziona il conto base, lo strumento low cost per i redditi bassi. Bankitalia: “Basta ostacoli” — la Repubblica — Economia