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Fintech & payments regulation in Grenada (2026)

Fintech and digital payments in Grenada: licensing regime.

Grenada, a member of the Eastern Caribbean Currency Union (ECCU), operates under a clear licensing regime for digital payments. The Payment System and Services Act, 2025, which Grenada is one of the first three ECCU states to pass into law, establishes structured licensing of payment service providers, ECCB oversight, consumer protection and a fintech regulatory sandbox, while non-bank money-transfer and virtual-asset firms are licensed/registered by GARFIN. Shared ECCU rails (ECACH clearing, electronic funds transfers and an emerging instant-payment system) provide the underlying retail-payment infrastructure.

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Legal framework

Payment System and Services Act, 2025 (enacted in Grenada), administered with the Eastern Caribbean Central Bank (ECCB) as the regional payment-system overseer/licensor; bank licensing under the Banking Act; non-bank money services and virtual-asset businesses licensed/registered by the Grenada Authority for the Regulation of Financial Institutions (GARFIN) under the Money Services Business Act (Cap 198A) and the Virtual Asset Business Act, 2021.

Key points: digital payments & fintech in Grenada

  1. Dedicated payments law in force

    The Payment System and Services Act, 2025 has been passed into law in Grenada (alongside Antigua and Barbuda and Saint Lucia), replacing the 2008 Payment System Act. It provides modern payment definitions, structured licensing for payment service providers, consumer protection, mandated interoperability and strengthened ECCB oversight.

    eccb-centralbank.org

  2. ECCB as regional payments regulator

    As the central bank for the eight-member ECCU, the ECCB licenses banks and oversees/regulates payment systems and payment service providers across the currency union, including Grenada.

    eccb-centralbank.org eccb-centralbank.org

  3. Fintech sandbox provision

    The 2025 Act introduces regulatory-sandbox provisions allowing fintechs to test innovative payment solutions in a controlled environment, supporting financial-inclusion use cases.

    eccb-centralbank.org eccb-centralbank.org

  4. Non-bank money services licensing (GARFIN)

    Money Services Businesses (money transmission/remittance, currency conversion) must be licensed and are supervised by GARFIN under the Money Services Business Act, Cap 198A (s.33(1)(a)); GARFIN actively enforces, having revoked a money-service licence in 2024.

    garfin.gd nowgrenada.com

  5. Virtual assets / crypto fintech

    Virtual Asset Service Providers must register with and are supervised by GARFIN under the Virtual Asset Business Act, 2021, which covers AML/CFT compliance and enforcement for crypto-related fintech activity.

    garfin.gd

  6. Instant-payment rails developing

    Grenada participates in the ECCU-wide ECACH clearing house; electronic funds transfers (bank-to-bank credit transfers) have been live since 2018, and ECACH is rolling out an Instant Payment System for real-time interbank transfers across the ECCU.

    ecach.org ecach.org

Sources

  1. eccb-centralbank.org/payment-system-and-services-act
  2. eccb-centralbank.org/news/the-eastern-caribbean-central-bank-publishes-the-new-payment-sys
  3. eccb-centralbank.org/licensing-procedures
  4. eccb-centralbank.org/payment-and-settlement-operations
  5. garfin.gd/index.php/regulated-sectors/money-services-businesses
  6. garfin.gd/index.php/regulated-sectors/virtual-asset-service-providers
  7. nowgrenada.com/2024/07/garfin-revokes-licence-of-wipay-money-service-business/
  8. ecach.org/about/
  9. ecach.org/

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026