Suspension of New License Applications for Payment Service Providers and Money Transmission Businesses

Published: Friday November 29th, 2019

The Central Bank of The Bahamas advises the public that effective November 29, 2019, it is suspending the acceptance of license applications for non-bank payment services providers (PSPs) (for electronic money services) and non-bank money transmission businesses (MTBs). This moratorium will remain in effect until the end of 2020, at which time the Bank will review its position. In the interim the Central Bank will monitor adjustments among existing licensees to ensure orderly, sustainable developments in the payments and money services space.

As of November 29, 2019, the Central Bank had licensed 3 PSPs and was reviewing 2 other applications. The number of MTBs as of this date stood at 5, with services provided through a network that includes 23 agents. The moratorium does not affect approvals of new MTB agencies. 

Collectively, payment services providers and money transmission businesses are expected to become active players in the provision of electronic and digital money services. Commercial banks and credit unions are also positioned to play increasing roles.

For full-text reading, please download the attached document.