PHILIPSBURG:--- In a landmark move for banking reform and consumer protection, Parliament today unanimously adopted a motion by MP Francisco A. Lacroes to overhaul the basic payment account framework. This decisive vote follows through on an initiative first tabled during the 2025–2026 parliamentary year and signals a new era of financial inclusion for Sint Maarten.
From Advocacy to Action On October 30, 2025, MP Lacroes introduced the motion after intense debate with the responsible minister, highlighting the urgent need to modernize outdated deposit caps that no longer reflect real-life financial needs. The proposal underscored a shared commitment: the basic payment account must be more than a token gesture; it must work for workers, families, and small businesses. At the time, MP Lacroes framed the initiative as part of his broader campaign for fairness in the banking sector, calling out restrictive thresholds that penalized low and middle-income earners. “Financial inclusion isn’t optional, it’s a right,” Lacroes stated in public remarks last year.
Today’s vote is a clear mandate with unanimous support. Parliament has now instructed the government and regulators to raise the deposit limit and revamp the implementation guidelines. This is not just a technical adjustment; it is a game-changer for thousands of residents who rely on basic accounts for salaries, bill payments, and savings.
The official voting record will be published shortly, but today’s outcome already sends a clear message: affordability and access to banking services are now recognized as core policy priorities.
What’s next, the government must now act. Regulators are tasked with consulting the banking sector, drafting new regulations, and reporting back to Parliament on timelines and any necessary legislative adjustments. Once implemented, the changes will allow account holders to manage their finances without running into unrealistic caps, reducing fees, and strengthening the financial resilience of households and small businesses. Bigger picture: This victory aligns with MP Lacroes’ 2025 agenda on economic fairness, which has also addressed cost-of-living pressures, the energy transition, and budget policy. Today’s motion is more than a banking reform; it is a clear statement that Sint Maarten is serious about protecting consumers and strengthening its economy.
