Central Bank Governor Apologizes for Dismissing BiMPay Cost Inquiry

Facing mounting public criticism over transparency to the Press, Central Bank Governor Dr Kevin Greenidge has apologised for dismissing a reporter’s question about the cost of the BiMPay system, revealing on Wednesday that the project has so far cost approximately $6.7 million.

In a video statement he said: “The cost of BiMPay to date for phase one is; the entire payment infrastructure, not just the app, is approximately $6.7m, against an approved budget of $10m. We are well within budget and the work continues to be delivered in phases; and as soon as the remainder of the work is completed and reconciled through the normal processes, we will report those costs as well.”

BiMPay, the national instant payment system that launched last Friday, allows money to move between banks and credit unions in real time, safely, securely and at any hour. The Central Bank reported that nearly $8m in 20 000 transactions moved between banks and individuals in its first two days.

During a post-launch update press conference on Monday, Dr Greenidge dismissed a journalist who asked him to provide the price tag for the system.

He said: “Now, as much as you would like to hear, I ain’t putting no figure out there. Because if I put it out there, what does it matter? [Are] you going to pay for it? No. So why you want to know it for? Read our financial reports and you will see it embedded in there. What matters is that it is provided as a public good, and the returns will be…for every Barbadian.”

But in a video statement on Wednesday, Dr Greenidge said he was sorry for dismissing the journalist and failing to be forthright in his answer to the question.

“My response was inappropriate,” he said. “A reporter asked me a fair question on the cost of BiMPay, and I should have answered it directly. There is no place for making light of a question like that. And there is no place for seemingly dismissive of the public’s right to know how public resources are being used.

“So, let me say first. I am sorry. I apologise to the young reporter who was simply doing his job. I also apologise to any one who heard my response and found that I was being disrespectful, evasive or unwilling to account to the people of Barbados.”

He declared it was not his intention to be evasive because that is not who he is.

“But I accept,” the governor added, “that is how it came across.”

He explained that he hesitated at the time because he did not want the discussion to be reduced to one figure without explaining what that figure covers.