Central Bank of Barbados Releases New Regulatory Framework for Payment Service Providers

The Central Bank of Barbados today announced the publication of comprehensive regulatory guidance designed to strengthen oversight of the national payment system and provide clarity for payment service providers (PSPs) operating in Barbados.

The Bank has released three key documents on its website that establish a transparent regulatory environment for payment service providers:

• The Oversight Policy Framework outlines the Bank's commitment to ensuring optimal payment system services that support economic growth and financial stability across Barbados.
• The Licensing and Authorisation Framework provides clear guidelines for payment service providers seeking to operate in the Barbadian market.
• The Supervisory Framework details ongoing supervision requirements.

Compliance Requirements and Timeline

Under Section 60(1) of the National Payment System Act (NPSA), all relevant entities must now submit a formal compliance programme to the Central Bank within three months of this announcement. This programme must demonstrate how your organisation will achieve full NPSA compliance within six months, including licensing applications where required.

“These frameworks represent our commitment to fostering a robust and innovative payment ecosystem in Barbados," the Bank said. "We want to ensure that payment service providers have the clarity and guidance they need to operate effectively while maintaining the highest standards of consumer protection and system integrity. The Bank therefore encourages all PSPs to review the documents carefully.”

The Bank recognises that implementing these new requirements may raise questions for payment service providers. For guidance and support throughout the compliance process, PSPs are encouraged to contact the Bank's payment oversight team at paymentsoversight@centralbank.org.bb.