Central Bank of Barbados Clarifies BiMPay-Related Fees

The Central Bank of Barbados has confirmed that BiMPay will remain free for individual users and announced that no financial institution may charge fees to businesses before September 15.

Governor Dr., The Most Honourable Kevin Greenidge clarified during a recent press conference that BiMPay will remain free for individuals stating that "it was made that way and intend to stay that way." He further explained that no financial institution may charge customers any BiMPay transfer-related or dispute fees. However, after September 15, any fees applied to micro and small businesses or corporate institutions will be set by their representative financial institution. The Governor added, “our expectation is that BiMPay will be free or a low-cost depending on the size of the business.”

The Bank reiterated that any fees applied to corporate institutions or micro businesses would be determined by their respective financial institution and would not be fees charged by the Central Bank. In addition, any charges applied must be appropriately justified and clearly communicated to customers prior to the implementation.

Furthermore, should financial institutions wish to introduce such fees after September 15, they must first adhere to the following requirements.

• They must submit their proposed fee structure to the Central Bank for review.
• They must receive a "no objection" from the Central Bank before implementing any fees.
• They must provide customers with adequate advance notice of the proposed charges before they take effect.