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PB2022-036 An inclusive financial environment in Sint Maarten requires involvement of all stakeholders

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No. 2022-036

CBCS Financial Inclusion survey concludes

An inclusive financial environment in Sint Maarten requires involvement of all stakeholders

Willemstad/Philipsburg - According to a survey conducted by the Centrale Bank van Curaçao en Sint Maarten (CBCS) together with the Sint Maarten Department of Statistics (STAT) among 1400 randomly selected households in Sint Maarten (Dutch side), 23% of the survey respondents do not have a current account at a commercial bank or credit union. The results also show that 17% of the respondents do not have any digital payment alternative and are therefore totally unbanked. Furthermore, the survey reveals that the majority of people always hold cash on hand for purchases and bill payments. Consequently, extensive financial education programs for consumers and merchants should be organized in cooperation with other stakeholders such as the government and financial as well as non-financial institutions to foster financial inclusion and promote a sustainable payment environment.

Last updated: 06.12.2022 11:12