The Central Bank of Barbados has confirmed that BiMPay will remain free for individual users and that no financial institution may charge businesses any BiMPay fees before September 15. The bank also clarified that customers cannot be charged BiMPay transfer-related or dispute fees, setting out the current fee position across the system in response to questions raised at a press conference. After September 15, fees for micro and small businesses or corporate institutions may be set by their representative financial institution rather than by the Central Bank. Any such charges must be appropriately justified and clearly communicated to customers before implementation, and the bank said it expects BiMPay to remain free or low-cost depending on the size of the business. Institutions that want to introduce fees after September 15 must first submit their proposed fee structure to the Central Bank, obtain a no objection from the bank, and give customers adequate advance notice before the charges take effect.
Central Bank of Barbados2026-07-14
Central Bank of Barbados confirms BiMPay stays free for individuals and bars business fees before September 15
The Central Bank of Barbados said BiMPay will remain free for individuals and that financial institutions cannot charge businesses BiMPay fees before September 15. After that date, banks may introduce fees for micro and small businesses or corporates only after Central Bank review, a no objection, and advance customer notice. Any charges must be justified and clearly communicated.