Digital banking across the Caribbean gained renewed attention this week, with regional initiatives highlighting progress in financial inclusion, institutional innovation, and cross-border infrastructure. Yet, despite clear advances, challenges around adoption, regulation, and integration of digital currencies continue to slow momentum.
Regional institutions drive innovation
The Caribbean Development Bank, working with the International Finance Corporation and the Caribbean Association of Banks, launched its DigiLab Finance programme, training nearly 60 professionals in new digital tools. The initiative is designed to expand financial access for small businesses and underserved communities, while strengthening resilience across the region’s financial institutions.
Fintech as a catalyst for inclusion
At a high-level seminar convened by the Caribbean Development Bank, experts highlighted the potential of fintech to reduce access barriers and create opportunities for micro, small, and medium-sized enterprises. Policymakers noted that digital platforms could play a particularly important role in supporting women-led businesses and driving inclusive growth.
Governance and infrastructure strengthening
In Trinidad and Tobago, the School of Digital Transformation and Innovation brought together policymakers from 13 Caribbean nations. Organised by CAF and regional partners, the programme focused on building digital governance capacity, reinforcing infrastructure, and promoting innovation. These steps aim to create stronger foundations for sustainable digital transformation across the Caribbean.
Eastern Caribbean advances cross-border banking
Banks in the Eastern Caribbean, including Republic Bank Caribbean, Bank of Saint Lucia International, and Bank of Nevis International, continue to expand their digital offerings. Multi-currency accounts, API-based services, and crypto-ready platforms are strengthening the region’s capacity for cross-border finance. Analysts suggest that this will boost the Caribbean’s attractiveness as a hub for international trade and investment.
Central bank digital currencies struggle
Despite early moves by Jamaica, The Bahamas, and the Eastern Caribbean Central Bank to pilot central bank digital currencies, uptake has remained limited. Initiatives such as DCash have struggled to achieve everyday use, with many consumers reverting to cash. Low awareness, technical hurdles, and limited merchant integration remain key barriers.
Outlook
The Caribbean’s digital banking journey is advancing, with strong institutional support and ongoing investment in infrastructure. However, limited adoption of digital currencies and uneven readiness across markets show that progress will be gradual. Sustained efforts in governance, financial literacy, and interoperability will be crucial to ensuring digital banking fulfils its promise of greater inclusion and resilience.
Newshub, 6 September 2025
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