By 
The Central Bank of Barbados has announced the rollout of its new national instant payment system, BiMPay, marking a major step forward in the island’s digital financial transformation. Scheduled to go live on 31 March 2026, the platform is positioned as one of the most significant upgrades to Barbados’ payments ecosystem in decades.
BiMPay will enable individuals, businesses, and government agencies to send and receive funds in 10 seconds or less, operating continuously—24 hours a day, seven days a week, year-round. Transactions will settle instantly across all participating financial institutions, with support for both bank accounts and digital wallets, ensuring broad accessibility even for unbanked residents.
The system was formally unveiled during a launch event featuring Governor Kevin Greenidge, Deputy Governor Michelle Doyle, representatives from the World Bank, and the Barbados Bankers Association. The event also showcased the BiMPay brand identity and outlined plans for a nationwide public awareness campaign ahead of launch.
Novaline Brewster, Director of Communications at the Central Bank, described the rollout as a landmark moment for the country, calling it “the most revolutionary development in Barbados’ financial history” with the potential to reshape the way payments are made nationwide.
Transformational Benefits Across the Economy
According to the Central Bank, BiMPay will deliver wide-ranging advantages for government, citizens, and businesses:
-
Government: Instant disbursement capabilities will streamline mass payments to citizens, improve transparency, and help shrink the informal economy—supporting better economic planning and governance.
-
Citizens: The system promises greater convenience, speed, and financial inclusion. Interoperability with digital wallets ensures that unbanked individuals can fully participate in the digital economy.
-
Businesses: Faster access to funds will enhance cashflow management, improve record keeping, and increase efficiency in payroll and invoicing processes. The Central Bank expects the IPS to catalyse fintech innovation and expand digital payment offerings across the private sector.
Regional Progress and Global Context
Barbados now joins more than 100 central banks worldwide that have deployed instant payment systems. While adoption in the Caribbean remains limited, the World Bank says Barbados is emerging as one of the region’s frontrunners in modernising its payments infrastructure.
At the launch event, World Bank Senior Financial Sector Specialist Nicholas Smith referenced Brazil’s successful Pix system as evidence of the global momentum behind real-time payments, noting that the Caribbean is beginning to make similar strides—with Barbados leading the charge.
Driving Awareness and Adoption
Ahead of BiMPay’s rollout, the Central Bank will conduct targeted education campaigns tailored to different demographic groups. Research shows that younger Barbadians prefer social media and radio for financial information, while older residents rely more heavily on radio and print.
BiMPay forms a central pillar of the Central Bank of Barbados’ broader strategy to modernise the national payments landscape, strengthen financial stability, and expand digital participation across the economy.
Comments