Minister Gumbs details scope, limits, amendments, and next steps for the Basic Payment Account law

GREAT BAY--Minister of Finance Marinka Gumbs returned to Parliament on Thursday to provide answers posed by MPs on the draft National Ordinance on the Basic Payment Account. This meeting was postponed on April 29, 2025 and reconvene today. She addressed how and where the account can be used, who qualifies, what services must be offered, how fees will be governed through related bills, the status of the monthly deposit cap, and what amendments the Government has already submitted after questions raised in April and in Thursday’s meeting.

The Minister confirmed that the Basic Payment Account is designed for use inside the monetary union of Curaçao and Sint Maarten. Cards and transfers are intended for transactions within Sint Maarten and Curaçao. This reflects the simplified due diligence that will be applied at onboarding and the related need to control money laundering and terrorism financing risk. She said that foreign cash withdrawals and online payments outside the union are not intended under the law. Whether some transactions are technically possible on certain cards will be known in practice when banks implement the system.

On the content of the account, she said Article 2 of the ordinance requires parity with the bank’s regular personal accounts. If a bank’s standard retail account includes internet or mobile banking, the holder of a Basic Payment Account at that bank must receive the same channels. The account must be free or offered for a reasonable fee. In this context, reasonable means lower than the fee for a regular payment account since the service set is narrower.

On inclusion, she cited the 2021 household survey. About 23 percent of residents reported having no current account. Seventeen percent reported no digital payment option at all. She cast the Basic Payment Account as a first step that allows people to store funds safely, pay bills, and shift away from cash while meeting compliance requirements.

On the monthly deposit cap, she explained that the draft reflects the Central Bank’s current risk-based approach, which sets a cap of 3,000 guilders per month. Only the Central Bank of Curaçao and Sint Maarten can set or change that cap through a general binding regulation. She acknowledged that Sint Maarten’s cost of living is higher than Curaçao’s in many categories and said Government will formally engage the Central Bank, with local data and sector consultation, to consider an upward adjustment that still meets risk controls. The cap limits deposits per month, not the total balance. Someone who deposits 2,000 this month and spends 1,000 may still deposit up to 3,000 the next month.

In this context, MP Francisco Lacroes, speaking on behalf of 13 Members of Parliament, has submitted a motion calling for an increase to the monthly deposit limit under the draft National Ordinance on the Basic Payment Account. The current cap of 3,000 Caribbean guilders, set by the Central Bank of Curaçao and St. Maarten, would rise to at least 5,500 guilders if Parliament’s motion is acted upon in the ongoing discussions on the ordinance itself. The MP presented the motion on Thursday (see related story).

Eligibility for an account remains focused on natural persons. Legal entities are not covered. Applicants need a valid ID, basic personal data, and a transaction profile. Banks must open the account within ten working days of a complete application unless narrow refusal grounds apply, such as no genuine link to Sint Maarten or already holding a local payment account. Non residents can qualify if they show a genuine interest or relationship with Sint Maarten. Undocumented persons are not covered. If wrongly refused, the consumer may complain and appeal to the Court of First Instance.

The Minister then addressed changes to the ordinance that stemmed from questions by MP Sjamira Roseburg. She confirmed that Government has submitted a nota van wijziging that removes clauses in Articles 3 and 5 which would have allowed banks to refuse or close a basic account based on certain convictions within the prior eight years. She said treating only basic account applicants this way, while people with regular accounts are handled under general law, would create unequal treatment. The amendment deletes those conviction based grounds from Articles 3 and 5 and aligns with Curaçao’s adopted law, which also removed those limits.

She outlined the complaints route and the related legislative package that will place fees and conduct under supervision. Article 4 of the Basic Payment Account bill provides a complaints process and a right of appeal. Separate bills now moving to Parliament will give the Central Bank powers to regulate banking transaction fees, license and supervise payment service providers, license and supervise virtual asset service providers, and oversee payment and securities systems. She said she would ask for broad support so the Central Bank can set rules on fees, transparency, market conduct, and system oversight.

Members asked about online banking as a right. This stemmed from a proposed amendment from MP Ardwell Irion which would mandate that paid service providers must make the basic banking account digitally accessible via online banking and mobile apps. Core banking services such as opening an account, requesting a card, obtaining account letters, and closing an account must also be fully digitally available. Moreover, Irion’s amendment sought to introduce a new legal obligation for banks to reasonably invest efforts into developing local digital payment platforms a necessity for Sint Maarten where access to international platforms like PayPal and Stripe remains limited.

The Minister stated that Article 2 paragraph 3 already compels parity with a bank’s regular offer. Where a bank’s standard account includes online or mobile banking, that same access applies to the basic account at that bank. She then addressed MP Ardwell Irion’s amendment, which seeks to write an entitlement to digital services into the basic account law itself. She said the intent is understood and shared, but the basic account bill is not the correct vehicle. If such a mandate were inserted here, basic account holders at a bank that does not provide digital channels to any customers could end up with broader rights than regular account holders. She said a general mandate for digital access belongs in legislation that governs all bank accounts, not only basic accounts, and she will discuss that path with the Central Bank so the objective can be reached without creating unequal treatment.

Members also asked about business access. The Minister agreed that many firms and informal operators struggle to open accounts. She said the consumer bill should not be delayed to fold in legal entities. She has ongoing discussions with the Central Bank and the Bankers Association to work toward a practical solution for business accounts under the right legal framework.

On cash and card use, she noted that the minimum ATM withdrawal is 20 Caribbean guilders. Teller withdrawals of small amounts carry higher fees than ATMs. She encouraged consumers and vendors to normalize small card transactions and to report any problems to the Bankers Association contact provided by Government. She said more vendors are now consistently taking cards.

Regarding foreign remittances through non bank money transmitters, she said the flows are large and the matter is under review with stakeholders. On fintech and crypto, she referenced Central Bank research and said the virtual asset supervision bill will place local providers under licensing and oversight.

She clarified transitions out of the basic account. If a customer’s deposits or activity consistently exceed basic account criteria, the bank may close the basic account under Article 5. If the person meets full due diligence, they can open or migrate to a regular account. People with documented employment can often open a regular account from the start.

She said that once enacted, the Government will launch a public awareness effort. Payment service providers will be expected to publish clear information on features, fees, and conditions. An overview of the related drafts will be provided to Parliament in writing, along with updates on the deposit cap engagement with the Central Bank.

Her closing message was that the Basic Payment Account creates a baseline of access that is practical for consumers and manageable for compliance. The recent amendment removes unequal treatment in refusal and closure rules. The Irion proposal on digital access will be pursued through the correct legal channel so that digital parity is achieved across all accounts. The package of pending laws is the route to fairer fees, stronger consumer protection, and a payments environment that can support modern services while keeping financial stability and compliance intact.

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