Basic Payment Account draft back before MPs, Irion and Wescot-Williams amendments logged

GREAT BAY--Minister of Finance Marinka Gumbs returned to Parliament on Thursday to answer second-round questions in a Public meeting of Parliament from Members of Parliament on the Draft National Ordinance containing rules regarding a basic payment account for consumers.

The draft law was received by Parliament on December 20, 2023, a Central Committee meeting was held on January 4, 2024, government provided written notes in response to Parliament’s report on February 27, 2025, the public meeting opened on April 29, 2025 with a ministerial presentation, MPs posed first-round questions, and the Minister returned on October 30, 2025 to address those. After a second round of questions by MPs, the Minister appeared on Thursday provide answers.

The Chairman, MP Chris Wever, recorded that an amendment by MP Ardwell Irion was submitted on April 29, 2025 and forwarded to government for its position, that a Memorandum of Modification from government was received on September 17, 2025 and forms part of the draft, and that a second amendment by MP Sarah Wescot-Williams was submitted on October 29, 2025 and forwarded to government for its response.

Minister Gumbs addressed questions by MP Francisco Lacroes regarding a minimum threshold and confirmed she appreciates the inclusion of a threshold in the motion presented. She stated that she will discuss a threshold with the Central Bank of Curaçao and Sint Maarten, CBCS, and the commercial banks, and inform Parliament accordingly.

Responding to MP Roseburg on whether a further study is required about the threshold, the Minister said no additional study is deemed necessary at this time, explaining that discussions with the CBCS and the banks are required to determine an appropriate amount that reflects St. Maarten’s circumstances and the motion introduced.

On the current Xcg 3,000 level used, the Minister stated that, according to CBCS, this comes from a study indicating a significant majority of individuals earn Xcg 3,000 or less, 80 percent in Curaçao and 78 percent in St. Maarten. She explained that the amount was agreed with the banks, taking into account correspondent banking requirements and risk considerations for accounts opened with limited documentation. Once the law is enacted, all banks will be required to offer a basic payment account, and any discussion on changing the threshold will be supported by data, including census information as suggested by MP Veronica Jansen-Webster.

Answering MP Darryl York on including digital access in this law, the Minister said the basic payment account ordinance governs the basic account only, and Article 2 ensures that what is provided to regular account holders must also be provided to basic account holders. She indicated that a general digital access obligation should be addressed in broader legislation that governs all accounts, since placing it only in this law would create an imbalance between basic and regular accounts.

On process questions from MP Ardwell Irion, the Minister clarified that the draft law was prepared by CBCS and submitted to Parliament in December 2023. The amendment by MP Irion was sent to CBCS to obtain input on incorporating it into this framework. Regarding a note of elucidation reflecting CBCS advice to remove a provision concerning persons with convictions, the Minister explained that the change mirrored CBCS guidance provided in response to a parliamentary question and was vetted by the Department of Legal Affairs and Legislation.

Addressing MP Sarah Wescot-Williams’ amendment, the Minister stated she supports it. She explained that it clarifies that payment service providers should not discriminate between holders of regular payment accounts and holders of basic payment accounts other than as provided by the ordinance. The Minister noted that this aligns with Curaçao’s adopted text and with Recital 38 of the EU Payment Accounts Directive 2014/92/EU on non-discrimination. She explained that the formulation removes ambiguity, including by excluding the word “visible”, and strengthens the anti-discrimination intent of the clause.

On eligibility, in response to MP Wescot-Williams’ example of an undocumented person with long residence and work history, the Minister said such an individual would not be eligible. She stated that the explanatory memorandum provides that eligibility concerns persons lawfully residing in St. Maarten, or persons with a demonstrable vested interest such as Dutch nationality or a family relationship to St. Maarten, an internship, apprenticeship, or study on St. Maarten, or a property generating tax obligations; persons with a work or residence permit application in process were also noted in that context.

MP Wescot-Williams asked why Curaçao’s text uses “lawfully registered” in the article itself, while in St. Maarten this appears in the explanatory memorandum. She requested the Minister explain why the wording is not placed directly in the law and whether it should be inserted to avoid uncertainty for banks.

On related banking legislation, the Minister informed MPs that a list of six banking-related draft laws was provided in writing to Parliament on November 5, 2025, with two already at Parliament and four expected to be submitted in December 2025. In response to MP Wescot-Williams’ and MP York’s requests, she also outlined items to be discussed with the Bankers Association, including access to banking for businesses that are currently unable to open accounts, transaction fees, the availability of loans for pensioners, ATM cash withdrawal limits, and the expansion of digital services for all account types.

She noted that matters of service quality and applicable rates will be addressed under the upcoming National Ordinance on Oversight, which provides instruments for the supervisor to influence service quality and set minimum and maximum rates where applicable. She reiterated that she intends to consult with CBCS on the best legislative vehicle to address digital upgrades across the sector.

MP Wescot-Williams sought clarification on where the substance of MP Irion's amendment should be placed if not in this law, and whether any of the CBCS-related draft laws in preparation will address the digitalization issue raised. She asked again about placing the “lawfully registered” requirement in the legal text to avoid ambiguity for banks and applicants. She also requested that the Minister provide a timeline for discussions with the Bankers Association and CBCS on points arising from Parliament’s debate.

MP Irion noted that versions of his amendment were submitted with differing scope, including one that excludes the portion covered by MP Wescot-Williams’ proposal and another broader version. He asked in which specific draft laws the government intends to carry the substance forward, stating that clarity is needed so expectations are managed.

MP Roseburg referred to CBCS comments that the equality issues raised by MP Irion could be safeguarded through other legal instruments and asked whether those recommendations are already being incorporated in the government’s memoranda and drafting. MP Roseburg also requested that the Minister explain the current inequality in access that the basic payment account is intended to address, and how enactment of the law will close that gap.

After several clarifying questions, MP Wescot-Williams proposed a brief adjournment to allow the Minister time to review the newly submitted amendment by MP Irion before responding. The meeting was adjourned until early next week to allow the Minister to return with clarifications and feedback on the amendment and to answer the outstanding points.

𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝:

The draft National Ordinance on the Basic Payment Account is a financial inclusion measure that guarantees residents access to essential banking services and digital payments. The ordinance targets natural persons, not businesses, and focuses on individuals with a vested interest in St. Maarten who face barriers to banking. It has progressed through CBCS drafting and research, Council of Advice review, ministerial revisions, and Central Committee handling. The draft now covers the right to open a basic account and rules around termination, while separate laws in preparation, the National Ordinance on Oversight and the National Ordinance on Financial Market Infrastructure, are intended to address transparency and fee rules. A Consumer Banking Protection Bureau has not been established, though the Minister said she will consult CBCS on a path forward. Research cited shows exclusion remains significant, with 12 percent unbanked in Curaçao in 2020 and 17 percent in St. Maarten in 2021.

The account would be in local currency for essential cashless transactions and is designed for the unbanked. It cannot be overdrawn, is limited to transfers within St. Maarten and Curaçao, carries a monthly deposit limit of ANG 3,000, is restricted to one account per person, and does not allow joint accounts. Banks may not reject applicants based on age, income, employment, credit history, or bankruptcy, and must decide within 10 business days.

Applicants must show a vested interest such as lawful residency, government financial ties, property ownership, or temporary work or study; documentation standards will be set by CBCS and at minimum include a valid ID, contact details, and a transaction profile. Banks are not required to offer extra services beyond those given to regular account holders, but they must follow fair access rules and may terminate only on defined grounds such as prolonged inactivity, duplicate accounts, certain convictions, false information, or criminal use, with notice and access to complaint routes at the bank, CBCS, or civil court. Fees may be charged but must remain below regular checking fees. The law contains an evaluation clause that requires the Minister of Finance to report to Parliament within five years on effectiveness and any unintended effects.

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