As the Central Bank prepares to roll out BimPay in less than a month, Minister of Finance Ryan Straughn urged the public to embrace the digital payment system as part of a wider push to modernise transactions and reduce inefficiencies across both the public and private sectors.
Appearing on a panel discussion at the Barbados Employers’ Confederation (BEC) Annual General Meeting on Wednesday, Straughn said widespread adoption of the platform would allow businesses to shift their focus toward growth and productivity.
“I hope everybody will adopt BimPay, so that your focus now is really on growing your business, training your staff, and taking advantage not just of opportunities in Barbados, but opportunities across the region.”
He stressed that the central aim of the digital push is to reduce delays and eliminate the need for unnecessary physical movement across government offices
“So rather than us all having to run all over Barbados Licensing Authority and all the other places BRA and all these things, we can just do it online and spend that time doing something actually more productive.”
Straughn said he expects the reforms to deliver measurable gains in productivity and to transform how both government and businesses operate
Warning against resistance to change, he said those who fail to adapt risk being left behind in an increasingly convenience-driven economy.
“If you don’t make the change, you will be left behind. Because when I go somewhere, I’ve always had this vision of going to my coconut vendor on a Sunday to pay him digitally, and I’ve been on him every Sunday to tell him this thing is coming, because I do not like walking around with cash.
Digital transactions are becoming a key driver of efficiency across the economy, the finance minister said.
“You must understand the single most important difference to your business, to your level of productivity, how you deploy your resources and government, the same thing.”
While acknowledging that BimPay is not a standalone solution to broader productivity challenges, Straughn said it is a necessary step in the wider transformation process.
“If you want the economy to grow and grow efficiently if we want our businesses to grow. Those who are prepared to make these changes and do so quickly will be the ones that will be more successful in the long term. If you don’t make the changes, then the market is just simply going to shift based on convenience and accessibility.”
The focus must extend beyond wage debates to include workforce development and operational efficiency within businesses, he added.
“I think the conversation should not be solely linked to minimum wage. It is about how you retrain your employees now to be able to do things differently to actually get your business to improve the service delivery within your business.”
(LG)
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