BiMPay praised as credit unions call for further reform

The head of one of Barbados’ largest credit unions has welcomed the launch of the country’s new national instant payment system, BiMPay, while urging policymakers to address longstanding barriers that continue to limit the growth of the credit union sector. Speaking at Friday night’s BiMPay launch at the Central Bank of Barbados, Chief Executive Officer of the City of Bridgetown Co-operative Credit Union Limited, Glendon Belle, described the platform as an important step toward greater financial inclusion and efficiency. “For us, innovation is not measured solely by financial return but by inclusion, access and the tangible improvement of our members’ lives,” Belle said. However, he noted that credit unions continue to face structural challenges, particularly the reluctance of some employers to deposit workers’ salaries directly into credit union accounts. “This limits participation, financial inclusion and the growth of our movement,” he said, adding that BiMPay offers a practical solution by providing a secure, real-time payment system that better connects employers, employees and financial institutions. Belle also highlighted the challenges facing micro and small enterprises (MSEs), noting that more than half generate less than $100 000 annually, with many operating at marginal profitability or a loss. “These enterprises are not peripheral. They are central to our economy and represent our communities,” he said. “This underscores a critical truth: access to capital alone is insufficient. What is equally required is efficiency, speed and infrastructure that supports better financial outcomes.” The credit union executive expressed hope that credit unions will gain access to the Credit Guarantee Fund, arguing that such access would allow institutions to expand lending responsibly while reducing financing barriers for viable businesses. He also welcomed efforts to enable foreign exchange transactions through the evolving payments framework, saying the capability would help MSEs engage more effectively in regional and international trade. “Together, these developments will position credit unions as comprehensive financial partners within the economy,” Belle said. He added that instant payments would reduce transaction costs for businesses, improve cash flow through immediate settlement and simplify financial operations, while giving individuals real-time control over their finances. Meanwhile, President of the Barbados Bankers Association, Shimon McIntosh, described the launch as a landmark achievement for the country’s financial sector. Shimon McIntosh, President of the Barbados Bankers Association. “Today we celebrate a watershed moment in Barbados’ financial journey,” McIntosh said, crediting months of collaboration between the Central Bank, commercial banks and participating credit unions for bringing the project to fruition. “This achievement was no small undertaking. We worked relentlessly, with many long hours and nights, to integrate our platforms, conduct rigorous testing and ensure that BiMPay met the highest standards.” McIntosh stressed that the initiative goes far beyond a technological upgrade and was a catalyst for economic opportunity, financial empowerment and genuine progress. Drawing comparisons with internationally recognised instant payment systems such as Brazil’s Pix and India’s UPI, McIntosh said Barbados was joining a growing list of countries that recognise the transformative potential of real-time digital payments. He said the banking sector views BiMPay as a pivotal leap forward for the country, reflecting a shared commitment to innovation, collaboration and ensuring that Barbados’ financial system remains competitive on the global stage. The post BiMPay praised as credit unions call for further reform appeared first on Barbados Today.