MINISTER MAYNARD HAILS BANKING (AMENDMENT) BILL, 2025, AS CRITICAL STEP FOR TRUST, CONSUMER PROTECTION, AND INNOVATION

BASSETERRE, Saint Kitts, August 11, 2025 (SKNIS) – During today’s (August 11, 2025) Sitting of the National Assembly, Member of Parliament (MP) for St. Christopher Three, the Honourable Konris Maynard, voiced strong support for the Banking (Amendment) Bill, 2025, calling it a “balanced package” that will safeguard depositors, empower regulators, and give banks the clarity to innovate responsibly.

Minister Maynard underscored that the legislation, developed in collaboration with the Eastern Caribbean Central Bank (ECCB) and aligned with Basel III standards and Financial Stability Board principles, updates the country’s banking framework for the realities of 2025, and beyond.

“Our economy runs on trust,” Minister Maynard said. “There must be trust in our banking system. It is the foundation upon which the economy relies. And a clear and modern Act will give that type of trust, and it will give banks the certainty that they need to innovate responsibly, come up with new services, and be at the forefront of technology.”

Minister Maynard described the original Banking Act as the “rule book” for financial stability, setting out who can be licensed, capital adequacy requirements, liquidity rules, governance standards, and strong supervisory powers for the ECCB. The amendments, he explained, close gaps, modernise oversight, and prepare the banking sector for technological change, evolving consumer expectations, and tightened global compliance standards.

The minister stressed that the reforms will improve governance, combat illicit finance, and give regulators the power to act before risks escalate into crises. Moreover, he noted that they will give the public “stronger rights, better access, and real avenues for redress.”

“This is about ensuring that our banking system works for the many, not just the few,” Minister Maynard said. “The Bill is really a balanced package. It gives banks the clarity and the scope to innovate responsibly.”

Minister Maynard concluded by stating that the Banking (Amendment) Bill, 2025, provides the framework for a sound, transparent, and future-ready financial system that can support Saint Kitts and Nevis’ economic expansion while protecting its people.

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