Finance Minister Marinka Gumbs.
PHILIPSBURG--Finance Minister Marinka Gumbs says several new financial laws are being finalised to strengthen consumer protection, promote financial inclusion, and give the Central Bank of Curaçao and Sint Maarten (CBCS) the authority to regulate banking fees.
Gumbs made the announcement during last week’s public meeting of Parliament while responding to questions from a Member of Parliament (MP) on the draft National Ordinance on the Basic Payment Account, which seeks to guarantee access to affordable banking services for all residents.
When asked about the clause in Article 2.5 of the draft law— “biedt diensten tegen redelijke vergoeding aan” (offers services for a reasonable fee)—and the concern that “reasonable” may be too vague, Gumbs clarified the intent of the legislation.
The minister explained that Article 2, paragraph 5, of the draft National Ordinance on the Basic Payment Account stipulates that a basic payment account must be offered either free of charge or for a reasonable fee. “A ‘reasonable fee’ in this context refers to a fee that is lower than that of a regular payment account, recognizing that this particular group of consumers makes use of fewer banking services.”
Gumbs went on to inform Parliament that the Basic Payment Account law is only one part of a broader set of legislative reforms being prepared by her ministry.
“In addition to the draft National Ordinance on the Basic Payment Account, several related draft laws are currently being finalised for submission to Parliament,” she said. “These legislative initiatives are essential not only for advancing financial inclusion and protecting consumers, but also for improving St. Maarten’s compliance rating with the Caribbean Financial Action Task Force (CFATF).”
Among the new initiatives, Gumbs highlighted a forthcoming National Ordinance on the Supervision of Financial Market Infrastructures and Oversight as a key development.
“One such important draft is the National Ordinance on the Supervision of Financial Market Infrastructures and Oversight,” she stated. “Many of us, including Honourable Members of this House, have personally experienced or heard the concerns of citizens regarding high banking and transaction fees. This upcoming legislation will, for the first time, empower the Central Bank of Curaçao and St.m Maarten (CBCS) with the legal authority to regulate and oversee banking transaction fees.”
Currently, neither the CBCS nor the Ministry of Finance has the legal mandate to regulate or cap such fees.
“At present, neither the CBCS nor I, as Minister of Finance, have the legal authority to intervene in or regulate these fees,” Gumbs said. “It is therefore my sincere hope that when this draft ordinance reaches Parliament, it will receive broad support so that the CBCS can be properly mandated to ensure fairness, transparency, and accountability in the fee structures that affect our people on a daily basis.”
The minister’s comments signal a policy shift aimed at tackling a common public complaint: high bank and transaction fees.
