In a landmark move this September 2025, IDB Invest has unveiled its first-ever partnership in Barbados with a non-bank financial institution – a five-year, USD 5 million (BBD 10 million) loan to Cave Shepherd Card Inc., trading as Payce Digital.
Why This Matters
- Bridging the credit divide: This pioneering partnership aims to extend credit and digital payment services to underbanked and middle-income Barbadians, addressing longstanding structural gaps in financial inclusion.
- Local currency and legal innovation: It’s the first such IDB Invest operation executed entirely in Barbadian dollars and governed under local legal frameworks.
- Governance upgrade: The channeled financing will not only expand services but also strengthen Payce Digital’s internal practices through a robust Corporate Governance Action Plan (CGAP) to ensure sustainable growth.
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About Payce Digital
Formerly known as Cave Shepherd Card, Payce Digital is widely trusted in Barbadian financial services. Its refocus on digital payments and credit solutions positions it at the forefront of a modern, inclusive financial ecosystem.
From offering seamless mobile app and online account management, transaction alerts, and even credit life insurance, Payce Digital is helping reshape how Barbadians manage money.
The Broader Economic Picture
- Strengthening small businesses: This move aligns with regional efforts to fortify MSMEs. In July 2025, Barbados secured an additional US $50 million IDB loan aimed at expanding financing access for micro and small businesses through loan guarantees and inclusive credit terms.
- Regional commitment: IDB Invest continues to deepen its engagement in the Caribbean, exceeding mandates by dedicating over 13% of its portfolio to the region and launching innovative initiatives alongside CDB to support trade finance and private sector growth.
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Why It’s a Game-Changer for Barbados
- This landmark financing is a tangible step toward closing financial access gaps for many Barbadians.
- Backed by IDB’s oversight and governance standards, Payce Digital is primed for stable expansion.
- Paired with broader Caribbean financial innovation, the initiative signals a bold new phase in regional inclusion and growth.
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