The Central Bank of The Bahamas is inviting public comments on its proposals for new Payment Instruments (Oversight) Regulations as a precursor to its licensing and supervision of non-bank providers of electronic payment instruments and services.

The regulator is not waiting long for comments to come in; the pretext it has for setting a limit of three weeks is "in order to ensure that private interests, which already exist in providing innovative payments solutions, can be vetted for licensing and supervision within a transparent framework."

In addition to the proposed Payment Instruments (Oversight) Regulations, the consultation paper also contains the central bank’s “General Information and Application Guidelines for Providers of Electronic Retail Payment Instruments and Electronic Money Products (Payment Service Providers)” and a document on the “Payments Oversight Policy Framework.” The Central Bank's job in relation to payment systems and payment instruments is set out in the Payment Systems Act 2012 and the Central Bank of the Bahamas Act 2000.