Dominica approves Payment System and Services Bill 2026 to modernise digital finance

Dominica: Following the sitting of Parliament on Monday, a new Bill aimed at strengthening the country’s financial system, the Payment System and Service Bill 2026, was approved by Parliament.

The Government of Dominica has announced that Parliament has passed the Payment System and Services Bill 2026, which will modernise the country’s digital payments framework within the Eastern Caribbean Currency Union (ECCU).

This new Bill was developed by the Eastern Caribbean Central Bank (ECCB) and will replace the Payment Systems Act, Chapter 23:62 of the 2017 Revised Laws of Dominica, which was originally enacted in 2009.

This new legislation was presented by the Minister of Finance, Economic Development, Climate Resilience and Social Security, Dr. Irving McIntyre, who shared that the Payment System and Services Bill is an important upgrade that fosters innovation.

“This Bill before the House, is a significant upgrade to the existing Act as it seeks to foster innovation within the Union, promote financial inclusion and reduce reliance on cash within a robust regulatory framework,” Dr. McIntyre stated.

Following a comprehensive review, the ECCB noted that the 2009 Act had a few gaps and has addressed them with the new upgrade. According to the Government, the new law provides a clear supervisory structure and mandates transparency in fees and terms and conditions. Moreover, under the new law, consumer complaints will be handled through formal mechanisms.

The Government revealed that this new Bill has five main goals, including:  

• Establish a legal framework for the licensing, regulation and oversight of payment service providers and payment systems in Dominica.

• Strengthen oversight by the Eastern Caribbean Central Bank and creating the Eastern Caribbean Payments Council to provide oversight of payment systems.

• Guarantee the Right to Provide Services across Member States.

• Strengthen consumer protection & transparency, and mandates enhances interoperability and digital payments.

• Providing clear powers for supervision, enforcement, data protection and anti-money laundering compliance.

Speaking on these goals, the Minister of Finance added that the new framework will make payment systems competitive, safe and efficient.

“The purpose of the proposed Payment System and Services Act, 2026 is to establish a legal framework to enable a payment system that is safe, efficient, resilient, inclusive and competitive through the management of risks, maintenance of financial stability and protection of consumers’ interests,” said Minister for Finance, Hon. Dr. Irving McIntyre.