Barbados Chamber of Commerce Hails BiMPay as “Revolutionary”

President of the Barbados Chamber of Commerce and Industry (BCCI), Paul Inniss, has thrown the umbrella organisation’s support behind BiMPay, describing it as a “game changer.”

He was speaking on Thursday during an event co-hosted with the Central Bank of Barbados to discuss the introduction of BiMPay, the national instant payment system which will go live on March 31, 2025.

“At the Chamber, we see this as a breakthrough for doing business in Barbados; in fact, we call it a game changer that will facilitate faster transactions and improve cash flow for enterprises and the business community in general,” he said.

Inniss highlighted the potential savings for businesses currently facing high card transaction fees, noting that some larger companies spend more than half a million dollars annually in costs associated with local Visa and Mastercard transactions.

He said BiMPay will help businesses to better manage their capital and cash flows. 

Commending the Bank for taking the lead in bringing instant payments to Barbados, Inniss  said BiMPay would bring benefits for businesses of all sizes while strengthening financial inclusion, reducing dependence on cash, and supporting a more competitive, investment-ready business environment.

He added that it will enhance record-keeping and operational efficiency since every BiMPay transaction provides an electronic record which will assist with invoicing and payroll processing.

Emphasising the global context, Inniss said, “This initiative is not just about keeping up with technology; it’s about keeping Barbados competitive in a rapidly evolving world. Instant payment systems have become the norm in many economies. Consider the example of Brazil’s Pix system, launched just a few years ago. It now sees nine out of ten businesses in Brazil using instant payment systems—from the fruit vendor on the street to the car repair man. The benefits extend to everyone, not just a select few.”

Inniss acknowledged that there will be a learning curve as businesses adopt the system and said that the BCCI will work with the Central Bank to support businesses through this transition with training, guidance, and advocacy.

Misha Lobban-Clarke, BCCI Executive Director, also commended the Bank for engaging the business sector and other key stakeholders to facilitate understanding and awareness about this innovative digital payment system and the concrete benefits that BiMPay will deliver for businesses and the way business is conducted in Barbados. 

She encouraged businesses to review their internal payment processes and prepare their systems and teams so they can benefit from BiMPay. She reaffirmed the BCCI’s commitment to continuing to work with the Central Bank to ensure that businesses are ready for the implementation of the system ahead of the March 31, 2026 launch date. 

Approximately 50 members of the BCCI attended the interactive session which also featured opening remarks from Deputy Governor Michelle Doyle and a presentation from Ernst Verbeek, BiMPay’s Project Manager.

To learn more about BiMPay, visit bimpay.bb.