Barbados to Launch BiMPay Instant Payment System in March 2026
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The Central Bank of Barbados has announced plans to introduce a national instant payment system (IPS) known as BiMPay, a platform designed to modernise the island’s financial infrastructure and enable faster, more inclusive transactions. The IPS is scheduled to go live on 31 March 2026, with the central bank describing the initiative as one of the most significant upgrades to Barbados’ payments landscape.
BiMPay will allow individuals, businesses and government entities to send and receive payments within 10 seconds, operating on a 24/7/365 basis. Funds will be instantly accessible to recipients regardless of their financial institution—and even for those who do not have a traditional bank account, through digital wallets.
The system was introduced at a launch event attended by governor Kevin Greenidge, deputy governor Michelle Doyle, the World Bank and the Barbados Bankers Association. The presentation also revealed the BiMPay brand identity and plans for a nationwide public education campaign.
Novaline Brewster, director of communications at the central bank, described the IPS as the most revolutionary moment in Barbadian financial history and emphasised its potential to transform how payments are made across the country.
Benefits for Government, Citizens and Businesses
The Central Bank of Barbados says BiMPay will support mass government payments to citizens and help reduce the size of the informal economy, improving national planning and economic management. It expects the platform to boost economic activity and strengthen Barbados’ global competitiveness.
For individuals, BiMPay promises speed, convenience and financial inclusion. Full interoperability will allow unbanked residents to participate using digital wallets.
For businesses, faster access to funds will improve cashflow, support record keeping and streamline payroll and invoicing. The central bank also expects the IPS to stimulate fintech innovation and expand digital payment solutions.
Regional Context
Barbados joins more than 100 central banks globally that have deployed instant payment systems. Although adoption across the Caribbean remains limited, the World Bank says Barbados is now among the regional leaders advancing payment reforms.
Speaking at the launch, World Bank senior financial sector specialist Nicholas Smith highlighted the success of Brazil’s Pix system and the growing global momentum behind instant payments. He noted that the Caribbean is beginning to make progress, with Barbados at the forefront.
Public Awareness and Adoption
The central bank plans targeted outreach campaigns tailored to different age groups. Research shows younger Barbadians prefer social media and radio for financial education, while older citizens favour radio and print media.
BiMPay is part of the Central Bank of Barbados’ wider project to modernise the country’s payments ecosystem and strengthen financial stability.
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