MPs during Friday’s meeting of Parliament.
~Expands access to unbanked residents~
PHILIPSBURG--Residents who currently lack access to a bank account will soon be able to open a basic payment account, following Parliament’s approval of the draft National Ordinance on Basic Payment Accounts on Friday, January 9, 2026.
Also passed were three amendments: two tabled by National Alliance (NA) Member of Parliament (MP) Ardwell Irion and one by Democratic Party (DP) MP Sarah Wescot-Williams as well as a motion by United People’s (UP) party MP Francisco Lacroes (see related stories).
MP Lacroes’ motion was adopted with 13 votes in favour and none against. Wescot-Williams’ amendment was approved with nine votes for and four against, while Irion’s amendments were also approved – one with nine votes for and four against, and the other unanimously. The draft ordinance itself passed with 14 votes in favour and none against.
Finance Minister Marinka Gumbs had reacted to MP Wescot-Williams’ amendment before the vote, expressing her strong support. The amendment, which removes the word “zichtbaar” (visual) from Article 2, paragraph eight, clarifies that no distinction can be made between holders of regular accounts and basic accounts, including in the provision of bank cards. “I strongly support this amendment,” Gumbs said, noting that it aligns with feedback from the Central Bank and does not conflict with other provisions, ensuring it will not jeopardise enactment or execution of the ordinance.
Basic Bank Account
The ordinance itself aims to expand access to financial services for residents who previously could not meet regular banking requirements. The legislation ensures that individuals who normally cannot meet the requirements to open a bank account are given the opportunity to access a basic payment account. A 2021 survey showed that 23% of St. Maarten residents did not have a current account, while 17% were completely unbanked.
The Basic Bank Account will include essential banking services such as deposits, withdrawals, domestic transfers, and electronic payments. If a financial institution already provides online or mobile banking to its regular customers, those same services must also be available to holders of the basic account. Accounts will have a monthly deposit limit of 3,000 Caribbean guilders, although total balances are unrestricted. MP Lacroes' motion aims to increase this limit. Accounts may be closed only if the deposit limit is consistently exceeded.
Additional legislation, including draft national ordinances on the supervision of payment service providers, virtual asset service providers, and payment and securities systems, will strengthen oversight and ensure transparency and reasonable costs for basic accounts.
The Basic Bank Account will only be usable within the Monetary Union of Curaçao and St Maarten due to risks of money laundering and terrorism financing. The account requires only simplified due diligence for onboarding, and withdrawals and payments are limited to the union.
