The Central Bank of Barbados published an update on the rollout of BiMPay, its national instant payment system, following an outreach event co-hosted with the Barbados Chamber of Commerce and Industry (BCCI) that showcased strong business-sector support for the new payments infrastructure. BCCI President Paul Inniss described BiMPay as a “game changer” for Barbados, pointing to faster transactions, improved cash flow management, and potential savings versus card payment costs, including examples of larger firms spending more than half a million dollars annually on local Visa and Mastercard transaction-related fees. The update also highlighted expected operational benefits from electronic transaction records, including improved record-keeping to support invoicing and payroll, alongside broader goals such as reducing cash usage and supporting financial inclusion; Inniss referenced Brazil’s Pix as an international benchmark for rapid adoption. BCCI said it will work with the Central Bank to support businesses through the adoption process with training, guidance, and advocacy, and encouraged firms to review internal payment processes and prepare their systems and teams. The release cites BiMPay going live on 31 March 2025, while BCCI representatives also referred to preparations ahead of a 31 March 2026 launch date.
Central Bank of Barbados 2025-10-14
Central Bank of Barbados builds business sector backing for BiMPay instant payments system ahead of launch
The Central Bank of Barbados announced progress on BiMPay, its national instant payment system, highlighting strong business support following an event with the Barbados Chamber of Commerce and Industry. BCCI President Paul Inniss emphasized BiMPay's potential to enhance transaction speed, cash flow management, and reduce card payment costs. The BCCI will collaborate with the Central Bank to help businesses adopt BiMPay, set to go live on 31 March 2025.