Parliament passes National Ordinance on Basic Payment Account, adopts MP Lacroes motion to increase deposit cap to Xcg 5,400

GREAT BAY--Parliament today approved the draft National Ordinance on the Basic Payment Account, a financial inclusion measure intended to guarantee residents access to essential banking services and enable participation in cashless payments. Minister of Finance Marinka Gumbs was present in Parliament for the deliberations and voting. The law was passed unanimously.

The ordinance is aimed at natural persons, not businesses, and focuses on individuals with a vested interest in St. Maarten who experience barriers to opening or maintaining a bank account. The legislation has progressed through CBCS drafting and research, review by the Council of Advice, ministerial revisions, and Central Committee handling. During the discussions, research was referenced showing that exclusion remains significant in the region, with 12 percent unbanked in Curaçao in 2020 and 17 percent in St. Maarten in 2021, underscoring the need for a basic, standardized pathway into the formal banking system.

The Basic Payment Account is structured as a local currency account for essential cashless transactions, designed primarily for residents who are unbanked or otherwise excluded from normal banking services. The account cannot be overdrawn and is limited to transfers within St. Maarten and Curaçao, reflecting a controlled model that provides access while reducing risk exposure.

The ordinance sets several clear boundaries: a monthly deposit limit of ANG 3,000, one account per person, no joint accounts, and no overdraft. These features were repeatedly framed as practical safeguards, intended to keep the account focused on essential, everyday banking needs rather than broader commercial or credit activity.

In addition, the ordinance establishes non-discrimination rules aimed at preventing arbitrary refusal of access. Banks may not reject applicants on the basis of age, income, employment status, credit history, or bankruptcy, and must make a decision on an application within 10 business days. This standard is intended to provide certainty to applicants and reduce prolonged delays that leave individuals unable to receive wages, pay bills, or participate in basic transactions that increasingly require a bank account.

Eligibility: “vested interest” and documentation requirements

The law is designed for persons with a demonstrated connection to St. Maarten. Applicants must show a vested interest, which may include lawful residency, financial ties to government, property ownership, or temporary work or study arrangements. Documentation standards will be determined by the Central Bank of Curaçao and St. Maarten (CBCS) and must at minimum include a valid identification document, contact information, and a transaction profile.

During the handling of the draft, it was made clear that while banks must provide access under the ordinance’s rules, they are not required to offer additional services beyond what is provided to holders of regular payment accounts. The framework, however, obliges banks to respect fair access rules and manage the account consistently with the ordinance’s safeguards and eligibility criteria.

Rules on termination, fees, and complaint routes

The ordinance also outlines when a basic payment account may be terminated. Banks may terminate only on defined grounds such as prolonged inactivity, duplicate accounts, certain convictions, false or misleading information, or use of the account for criminal purposes. The framework is built to reduce uncertainty for consumers by limiting discretionary closure and ensuring that termination follows stated conditions.

On consumer recourse, the ordinance provides multiple complaint routes, including escalation within the bank, complaints to the CBCS, and access to the civil court. Fees may be charged for the account, but they must remain below regular checking account fees, reflecting the ordinance’s purpose as an affordable inclusion measure rather than a premium service.

The law also includes an evaluation clause, requiring the Minister of Finance to report to Parliament within five years on the effectiveness of the ordinance and any unintended effects, creating a formal mechanism for review and improvement based on implementation experience.

Related laws and consumer protection framework still in development

During today’s debate, attention was again drawn to broader financial-sector reforms in the pipeline. The draft basic account law now covers the right to open a basic account and the 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 wider transparency, fee rules, and additional structural elements of the financial system.

A Consumer Banking Protection Bureau has not been established to date. The Minister indicated she will consult the CBCS on a possible path forward, an issue that was raised in the context of consumer protection, transparency, and ensuring the public has clear channels for assistance and dispute resolution.

Motion adopted: MP Lacroes calls for higher deposit cap for St. Maarten

Parliament also adopted a motion tabled by MP Francisco Lacroes requesting government to formally advocate with the CBCS to raise the maximum monthly deposit limit for the basic payment account in St. Maarten to at least ANG 5,400.

The motion argues that applying the same ANG 3,000 cap used elsewhere does not reflect St. Maarten’s cost-of-living realities, referencing 2025 economic data indicating that core household expenses, including rent, utilities, and groceries, are significantly higher. It further asserts that in many jurisdictions, a deposit cap is typically aligned with two to three months of average living expenses, and that St. Maarten’s current limit falls below that practical benchmark, limiting the ability of residents to use the account for ordinary monthly income and essential expenses.

The motion also highlights the realities faced by informal earners, including market vendors, and describes how low caps can push people to keep a portion of their earnings outside the banking system, undermining the very goal of financial inclusion. In calling for an adjusted cap, Parliament asked that government’s advocacy be based on available cost-of-living information and relevant local data, supported by consultation with local banks, informal business associations, and consumer representatives.

Parliament further requested that it receive a progress report within two months, including actions taken to initiate a formal request, feedback received from the CBCS and stakeholders, and the anticipated decision-making process and implementation timeline. The motion also calls for annual reviews of the deposit cap, with findings and recommendations communicated publicly to support transparency and continuous alignment with St. Maarten’s evolving economic conditions.

Amendment adopted: MP Wescot-Williams proposal approved after debate on legal certainty

Parliament approved an amendment submitted by MP Sarah Wescot-Williams, following discussion in which concerns were referenced regarding legal certainty and the need to avoid unintended overlap with supervisory and anti-money laundering responsibilities.

The amendment was formally supported, put to a vote, and adopted, becoming part of the final ordinance approved by Parliament today. During the motivation of votes, Members emphasized the role of Parliament in weighing advisory input while ultimately exercising independent judgment on the legislation placed before them.

Passage of the ordinance and final vote

After handling the motion and amendment, Parliament proceeded to a final vote on the draft National Ordinance on the Basic Payment Account, approving the legislation as amended. The adoption of the ordinance, together with the related motion and amendment passed during today’s sitting, was framed as a step toward ensuring that residents who face obstacles to banking are able to participate more fully in economic and social life, including transactions that increasingly depend on access to a bank account and cashless payment capability.

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