Digital Payments & Fintech · Jamaica
Fintech & digital payments rules in Jamaica (2026)
Jamaica shaded by its digital payments & fintech status
Jamaica's Bank of Jamaica (BOJ) authorises electronic retail payment service providers under administrative guidelines (ERPS 2, 2019) rather than a dedicated statutory licensing law, as the PCSA 2010 does not confer formal PSP licensing powers on the BOJ. A Bill amending the PCSA to establish a statutory licensing and supervisory regime for payment service providers has been drafted (last updated January 2026) but has not yet been enacted. In parallel, Jamaica operates a live retail CBDC (JAM-DEX) launched in 2022 and expanding through 2026.
Key points
Under the 2019 Guidelines for Electronic Retail Payment Services (ERPS 2), the BOJ may authorise non-bank body corporates to provide electronic retail payment instruments and services. As of 2024-2025 three entities are authorised: Sagicor Bank (My Cash), National Commercial Bank (Quisk), and Alliance Financial Services (EPay).
The PCSA 2010 grants the BOJ oversight of clearing and settlement systems but explicitly does not confer legal powers to license or supervise PSPs or regulate payment services. A Cabinet-approved (December 2023) Bill amending the PCSA to introduce formal PSP licensing was drafted through 2025; the latest version was circulated on 7 January 2026, but has not been tabled in Parliament as of May 2026.
Jamaica launched JAM-DEX, its retail CBDC, in 2022, making it one of the first countries to do so. JAM-DEX is legal tender, available 24/7. By mid-2025 transaction volumes had grown 30% year-on-year; BOJ announced a nationwide expansion phase for 2026 and expects additional wallet providers to enter the market.
Jamaica is transitioning toward a Twin-Peaks regulatory model. During 2025 the BOJ and the Financial Services Commission (FSC) conducted joint supervisory examinations of financial institutions and held industry consultations on the proposed PSP licensing changes; structured joint examinations are set to continue through 2026 in preparation for full implementation.
No dedicated open-banking framework or BNPL-specific regulatory rules have been enacted or publicly proposed in Jamaica as of May 2026. These areas are not addressed in the ERPS 2 guidelines or the draft PCSA amendment materials publicly available.
The BOJ operates the JamClear RTGS and the JamClear Central Securities Depository under the PCSA 2010. These interbank infrastructures are separately governed from the retail PSP authorisation regime under ERPS 2.
Jamaica - other topics
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