PHILIPSBURG:--- Member of Parliament and former Minister of Finance Ardwell Irion welcomed recent progress regarding the draft National Ordinance Basic Bank Account, essential legislation initiated during his tenure in collaboration with the Central Bank of Curaçao and Sint Maarten (CBCS).
MP Irion emphasized that despite multiple requests to continue the meeting, Parliament has significantly delayed discussions on this crucial law, negatively impacting many citizens. Parliament will formally discuss the legislation on Monday, March 31st, 2025, at 2 pm.
Research by the CBCS showed approximately 17% of Sint Maarten’s population lacks access to basic banking. High fees, limited trust in financial institutions, poor financial literacy, and unsuitable banking products significantly contribute to this financial exclusion.
The proposed legislation guarantees every Sint Maarten resident the legal right to open a basic checking account. This account differs from regular accounts as it cannot be overdrawn, is limited to transactions within Sint Maarten and Curaçao, and restricts monthly deposits to a maximum of NAf 3,000. Only individual ownership is permitted, preventing joint accounts, and holders cannot simultaneously have another payment account.
MP Irion highlighted the urgency of addressing these delays, pointing out the practical benefits citizens miss without basic banking access.
The law mandates financial institutions to simplify account applications, requiring only basic identification, contact information, and an expected transaction profile. Age, income, employment status, or credit history will not affect eligibility. Additionally, the law ensures reasonable maintenance fees that must remain lower than regular checking accounts due to limited account features.
"Parliament’s delay has unnecessarily prevented thousands from fully participating in our increasingly digital economy," MP Irion stated. "Universal access to basic banking services is critical for economic empowerment and personal dignity. This law provides a foundation we can build upon through future amendments."
"This upcoming parliamentary session is a critical step forward," MP Irion concluded. "It's time to finalize this law and ensure everyone can effectively participate in our financial system."
