Governor of the Central Bank, Dr Kevin Greenidge, says the introduction of BiMPay next year will be a “game changer” for Barbados, significantly boosting its appeal to fintech companies while also easing some of the hurdles young people face in accessing financial services.
Speaking to the Saturday Sun, he said BiMPay was more than just a mobile app, but part of a new, universal payment platform that will replace the current fragmented banking infrastructure.
At present, local banks connect through a private clearing house system known as BASHI, which he described as “defragmented” and limited in interoperability. This means that certain point-of-sale systems only work within specific banking networks, creating inefficiencies and higher transaction costs.
The new system, however, will see all banks and financial institutions plugged into a single platform, enabling full interoperability.
“Whether you’re using one bank’s point-of-sale system or another’s, they will all speak to each other,” Greenidge said. “It will make it easier for businesses to process transactions, reduce costs and open the door for anyone to build financial apps that work across the system.”
The BiMPay app, which will operate on this upgraded infrastructure, will allow users to send and receive money, pay bills or make purchases directly from their phones using QR codes – regardless of whether they have a bank account. This, the Governor noted, was a crucial step for young people who often face delays and obstacles in opening accounts.
In Barbados, while the percentage of unbanked citizens is relatively small, young people without a formal job often encounter challenges meeting banks’ documentation requirements. Even though opening an account now generally requires only an official ID and proof of address, the process can still be discouraging for school leavers and other youth without steady employment or utility bills in their name.
“Those young persons who may not yet have secured their first job and are finding it difficult to meet all the banks’ stipulations will benefit from the
app,” Greenidge said. “BiMPay will allow them to transact, receive funds and make payments without being excluded from the financial system. If they later choose to link it to a bank account, they can, but they don’t have to in order to use it.”
He stressed that the Central Bank’s intention is not to eliminate cash, but to provide greater convenience and choice in how Barbadians pay for goods and services. Drawing on international examples, he noted that countries introducing similar interoperable payment systems have seen a gradual, organic decline in cash usage.
“People simply find it more convenient to pay by phone – whether it’s for groceries, paying a utility bill or settling up with friends after a night out. That ease encourages change without forcing it.”
The Governor also pointed to the opportunities for the wider economy, particularly in attracting fintech firms to Barbados. The single payment system will standardise the rules for onboarding and integration, creating a more predictable and appealing environment for technology-driven financial service providers.
“With a single set of onboarding rules and an open, interoperable platform, fintech companies will know exactly how to connect and operate here. That kind of clarity makes Barbados a far more attractive location for innovation in financial services,” he added.
Once implemented in 2026, BiMPay will not only modernise Barbados’ payment infrastructure but, according to Greenidge, also expand the country’s capacity to support new products, services and business models.
“This is really about giving the consumer options and creating an ecosystem where financial innovation can flourish. It’s a major step forward for our banking system and one that positions Barbados at the forefront of payment technology in the region.” (CLM)