Parliament adjourns basic payment account meeting after MP Irion tables revised amendment

GREAT BAY--Minister of Finance Marinka Gumbs used her appearance in Parliament on Monday to address clarification questions in the second round of the public meeting on the Draft National Ordinance containing rules regarding a basic payment account for consumers, while also outlining how earlier amendments by MP Ardwell Irion and MP Sarah Wescot-Williams intersect with wider banking modernization laws now in preparation.

Gumbs referenced the legislative intent behind the previous amendment efforts and noted that MP Irion tabled a new revised amendment during Monday’s meeting, including two versions submitted for consideration. “It appears that two revised amendments were submitted today, one incorporating the matches supported by the Central bank and another that in that continues to include the aspect of digitalization,” the Minister said.

Gumbs explained that the legislative intent behind MP Irion’s amendment was to use the basic payment account law to remove uncertainty and strengthen protections in areas the Central Bank has emphasized, particularly non-discrimination between basic and regular account holders, clearer procedures around timely denial and written determinations, and reporting obligations.

She said the Central Bank’s technical feedback also indicated that several elements in the earlier amendment were either already covered in the draft law or existing amendments, referred to incorrect articles, or were better handled through subordinate legislation for flexibility. In that context, the Minister signaled openness to the substantive points the Central Bank considered suitable for inclusion in this ordinance, while maintaining that the broader digitalization agenda belongs in the forthcoming payment systems legislation now being finalized with the Central Bank.

Responding to questions from MP Sjamira Roseburg regarding MP Irion’s earlier amendment, Gumbs said the substance of the amendment would be better addressed in two draft laws expected to reach Parliament shortly: “The National Ordinance on the Supervision of Payment Service Providers and the National Ordinance on Oversight of Payment and Securities Transactions.” She explained that, together, these bills focus on equal access, protection of account holders, and the modernization and digitalization of payment systems, with different regulatory approaches in each draft.

On eligibility and the handling of undocumented persons, the Minister addressed concerns about the absence of the phrase “lawfully registered” in the draft ordinance, noting that the version sent to the Council of Advice did not include that wording and that the Council of Advice did not indicate it was required. Gumbs said she raised the matter with the Central Bank and was informed that the explanatory memorandum provides sufficient clarification to exclude undocumented persons, while also acknowledging that including clearer language could reduce uncertainty for banks in practice.

Gumbs also outlined why the legislation package currently being developed with the Central Bank is being treated as urgent, pointing to St. Maarten’s enhanced follow-up status and the need to show progress ahead of the Caribbean Financial Action Task Force plenary meeting in May 2026. She listed several “quick wins” identified by the Central Bank, including the draft national ordinance on basic payment accounts, alongside other supervisory and oversight ordinances linked to securities intermediaries, payment service providers, virtual asset service providers, and financial market infrastructure systems.

Addressing implementation planning and stakeholder engagement, the Minister said discussions with the Banking Association are planned for the first quarter of 2026. She indicated those talks are expected to cover issues raised by MPs, including access to banking for businesses that cannot open accounts, transaction fees, a mortgage guarantee fund, loan availability for pensioners, cash withdrawals, ATM limits, and expansion of digital banking services across bank accounts.

On the core policy objective, Gumbs reinforced that the basic payment account framework is designed to close access gaps, while maintaining a clear distinction between a basic payment account and a regular account. “It is indeed a fact that a basic payment account is not the same as a regular payment account,” she told Parliament, while emphasizing that the purpose of the legislation is financial inclusion for persons who would otherwise be excluded from the banking system.

Following the question-and-answer segment, the Chair, MP Chris Wever, confirmed the meeting was adjourned to allow time for review of the newly submitted amendment, with the public meeting set to resume at 2:00 p.m. Monday.

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, November 6 to answer more questions. That meeting was adjourned until today.

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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