ECCB 2025-2026 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2025 - 2026

Payments Modernisation and Financial Inclusion

risk-based regulatory framework for licensing, oversight, designation, consumer protection, interoperability, administrative measures, and data protection. The Bill was enacted in five of the eight ECCB member countries and the licensing regulations were approved by the Board of Directors. A legislative drafting consultancy was commissioned under the Caribbean Digital Transformation Project (CARDTP) in March 2026, to assist in the development of additional subsidiary regulations for issuance under the principal legislation. Data Protection Harmonisation The Bank advanced the initiative for the harmonisation of the data protection and privacy legislation through stakeholder engagement and policy development in support of a coherent regional framework for personal data governance. In September 2025, the Bank held an initial consultation with government ministries and departments, followed by consultations in November 2025 with private sector entities and non-governmental organisations across the ECCU. Those engagements were used to present the legislative gap analysis report, validate findings and build consensus on a harmonised legislative and governance framework. This foundational work will assist the Bank in its objective of promoting confidence in a regional digital economy, reducing legal fragmentation, supporting smoother cross border data flows, and strengthening confidence in digital financial services. The next phase of the initiative will involve in-person country consultations to address jurisdiction-specific concerns and support the refinement of the first draft of the legislation in collaboration with regional

authorities.

Fit and Proper Rules for Payment Service Providers The Bank drafted Fit and Proper Rules for Payment Service Providers (the Rules) to operationalise the requirements of the Payment System and Services Act. The Rules articulate a structured framework for assessing the fitness and probity of key officers within payment service providers’ entities. The Rules set out clear criteria for evaluating honesty, integrity, competence, and financial soundness, alongside formalised approval and assessment processes and a standardised due diligence questionnaire. Fast Payments System Development The Bank articulated its policy position on the development of a Fast Payments System (FPS), a component of its broader payments system modernisation agenda. This was accomplished through stakeholder engagements and the refinement of the strategic, governance and operational considerations required to support FPS implementation across the ECCU. The work was undertaken with technical support from the World Bank Group in collaboration with the Eastern Caribbean Automated Clearing House Services Inc. This developmental work is expected to strengthen the policy and institutional foundation for the introduction of a safe, efficient and inclusive fast payments environment in the ECCU. Enhancing Payment System Oversight The Bank utilised the services of a consultant under the CARDTP to support the enhancement and strengthening of its payment system oversight framework. The consultancy commenced in September 2025 and is expected to span a nine

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