From April to July 2024, the Central Bank of Barbados (CBB) engaged in in-depth discussions with local financial institutions, the World Bank, and other key stakeholders to assess and enhance the country’s payments infrastructure. These talks focused on reviewing the current legal and regulatory framework, with an emphasis on improving Barbados’ Real-Time Payments (RTP) system.
As part of this effort, the CBB launched the Barbados Payments System Modernisation Project in collaboration with the World Bank. Following the World Bank’s comprehensive review of the existing payments infrastructure, the project is set to transform the efficiency, security, and inclusiveness of the system.
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To support the project’s implementation, the CBB is hosting a World Bank Technical Assistance Mission from October 7 to 18, 2024. The mission will provide updates on the project’s progress and collect feedback to guide future steps. Key areas of focus include:
- Strengthening legal and regulatory support for payments.
- Enhancing oversight and supervision of the payments ecosystem.
- Ensuring instant payments system interoperability across platforms.
- Increasing overall usage of the payments system.
- Promoting digital financial literacy among the public​.
This initiative is expected to position Barbados as a leader in digital financial services in the Caribbean, making payments faster, more secure, and more accessible for individuals and businesses alike.
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