Solomon Islands: fintech & payments regulation

Regulated

Solomon Islands fintech & payments: Payment Systems Act 2022 establishes CBK oversight

Lead regulator:: Central Bank of Solomon Islands
Key law:: Payment Systems Act 2022
Last updated:: 2026-07-12

The Central Bank of Solomon Islands (CBSI) serves as the primary regulator for payment systems and services under the Payment Systems Act 2022, holding dual operational and supervisory roles to ensure safety and soundness. This framework provides the core legal basis for fintech and payment service providers operating within the jurisdiction.

Beyond payments, the CBSI also oversees banking institutions under the Financial Institutions Act 1998 and licensing guidelines, while the Controller of Insurance supervises insurance activities under the Insurance Act 2009. Credit unions are regulated separately under the Credit Unions Act 2009.

Entities seeking to operate payment systems or provide banking services must adhere to strict licensing, prudential, and capital requirements mandated by the CBSI. The regulatory environment is characterized by comprehensive oversight aimed at protecting consumers and maintaining financial stability.

Who regulates

Central Bank of Solomon Islands
Primary regulator for payment systems, banking institutions, and financial institutions
^[1][2]
Controller of Insurance
Supervises market conduct and licensing of insurance agents
^[3][4]
Registrar of Credit Unions
Regulates operation, registration, and governance of credit unions
^[5]

Core laws & rules

Payment Systems Act (2022)
Establishes a comprehensive regulatory framework for payment systems and services, designating the CBSI as the primary regulator with dual operational and supervisory roles.
^[1]
Financial Institutions Act (1998)
Regulates, licenses, and supervises financial institutions conducting banking business, mandating strict licensing and prudential standards.
Insurance Act (2009)
Regulates the insurance industry, establishing the Controller of Insurance and requiring only registered body corporates to transact insurance business.
^[4]
Credit Unions Act (2009)
Regulates the operation, registration, and governance of credit unions, mandating compliance with standard by-laws and financial reporting.
^[5]

Licensing & registration

Banking Institutions
Comprehensive licensing requirements for domestic and foreign entities, including strict adherence to prudential standards and minimum capital.
^[2]
Payment Systems
Entities operating payment systems must comply with the framework established by the Payment Systems Act 2022 under CBSI supervision.
^[1]
Insurance Agents
Minimum licensing, operational, and conduct standards apply, including fit-and-proper requirements for agents and principal officers.
^[3]

Restrictions & warnings

Only registered body corporates may transact insurance business. Insurance agents must meet fit-and-proper requirements and adhere to conduct standards.
^[4][3]
Financial institutions must adhere to strict licensing requirements, minimum capital thresholds, and prudential supervision standards including asset quality.

Direction of travel

The regulatory framework is actively maintained with recent guidelines on banking licensing (2026) and established laws from 2022 and 2009, indicating a stable and evolving supervisory approach.
^[2][1]

Sources

Payment Systems Act 2022 · 2022-09-13
Guideline on Licensing of Banking Institutions · 2026-06-17
COI Directive No. 5 - Insurance Agent · 2023-07-06
Insurance Act of Solomon Islands · 2009-08-31
Credit Unions Act of Solomon Islands · 2009-07-08

Email alerts for Solomon Islands updates

New circulars, rules and guidance — a digest in your inbox, same day.

This guide is compiled automatically from 5 primary-source documents published by Solomon Islands's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.