NASSAU, BAHAMAS — The Central Bank has extended its moratorium on new license applications for payment services providers and money transmission businesses until the end of 2021.
The regulator in a notice said that “given the impact of the pandemic and ongoing adjustments in the sector, the moratorium will remain in place until the end of 2021”, at which time it will undertake another review.
“The bank will continue to consider other regulatory applications affecting the scale or ownership of existing operations,” the regulator said.
The moratorium had initially been in place until the end of the year. At the time the moratorium was put in place, there were three licensed payment service providers, with two other applications under review. There were five money transmission businesses with services provided through a network that included 23 agents.
Money transmission businesses are licensed and regulated under the Banks and Trust Companies Regulation Act, 2000, the Banks and Trust Companies (Money Transmission Business) Regulations, 2008 and provisions under the Central Bank of The Bahamas Act, 2000.