Press release

SER Curaçao issues advice on draft national regulation on basic payment account

Willemstad, May 23, 2023 – The Social and Economic Council (SER) of Curaçao issued today its advice to the Minister of Finance on the draft National Ordinance containing rules regarding a basic payment account for consumers (also referred to as the National Ordinance Basic Payment Account). This advice offers valuable insights and recommendations for the further development of this important draft legislation, which aims to improve consumer access to safe, affordable and reliable digital payment services.

The draft Basic Payment Account Ordinance is a bill aimed at promoting financial inclusion and ensuring payment services for residents of Curaçao. The bill aims to guarantee a payment account that is accessible and affordable to all, regardless of income, social status or other personal circumstances. The SER advice is the result of thorough research into the impact, effectiveness and feasibility of the draft national regulation. The advisory report contains a detailed analysis of the proposed draft country regulation and offers recommendations for further improvements.

The SER urges stakeholders to carefully consider the recommendations when drafting final legislation. The advisory report is now being made available not only to the Minister of Finance but also to the relevant government agencies responsible for the further legislative process. The SER welcomes the opportunity to contribute to promoting financial inclusion and ensuring payment services for as many citizens as possible. The SER is convinced that the draft Basic Payment Account Regulation, with appropriate adjustments based on its recommendation, will have a positive impact on the socio-economic situation of the country.