Governor: Economy needs modern system

Barbados introduced BiMPay, a national instant payment platform, on Friday night, marking a major step toward modernizing its financial infrastructure. Central Bank Governor Dr. The Most Honourable Kevin Greenidge announced the launch at the Courtney Blackman Grande Salle, Tom Adams Financial Centre, calling it essential for economic growth and efficiency. The initiative originated 27 months ago during discussions in Washington, D.C., when Prime Minister Mia Amor Mottley directed Greenidge to develop a system capable of driving financial sector growth. Collaborating with banks, regulators, technology providers, and government agencies, the project took two years to materialize, culminating in a platform that connects six commercial banks, three credit unions, the Corporate Affairs and Intellectual Property Office, and the Barbados Stock Exchange. BiMPay enables instant money transfers between participating institutions 24/7, including weekends and holidays, using credit cards, debit cards, cash, and payment wallets. Governor Greenidge highlighted its benefits for small and micro businesses, which often face delays in accessing funds, noting that individual transactions on the app will be free while protecting businesses from excessive costs. The platform’s initial launch includes most institutions, with wallet providers Pryze and Infinity expected to join shortly. Government agencies will be integrated in the next phase. Greenidge credited the collective effort of the Central Bank team, financial institutions, legal and IT specialists, international partner Montran, the World Bank, and testers for ensuring the system’s readiness. He emphasized that the project was not the work of one person but required extensive technical collaboration and problem-solving under pressure. The platform aims to serve real people and businesses, fostering financial inclusion and economic modernization in Barbados.