Greenidge urges credit unions to protect savings as they invest
Central Bank of Barbados Governor Dr Kevin Greenidge urged credit unions to finance productive investment without compromising members' savings. He spoke at the UWI (Cave Hill) Co-operative Credit Union's 40th anniversary dinner in Bridgetown.
Domestic savings, disciplined investment
Greenidge said credit unions hold over $3 billion in assets and record more than 200,000 memberships.
He identified renewable energy, agriculture, tourism and digital enterprises as investment opportunities, subject to capital, liquidity, diversification and professional scrutiny.
He cited BOSS+ bonds as an accessible investment option.
The Protection of Depositors Act, 2026 received assent in September; credit union coverage awaits commencement and implementation.
The 2025 Financial Stability Report, published jointly with the Financial Services Commission in August, found the system stable but called for monitoring mortgage concentrations, preserving capital buffers and strengthening profitability.
Deposit insurance does not replace sound management, he said.
Instant payments require institutional readiness
BiMPay launched on June 12 with Barbados Public Workers, City of Bridgetown and AffinityPlus, the three largest credit unions, connected from inception.
By the speech, it had processed over 3.5 million transactions worth $6 billion, with 95.6 percent of payment attempts succeeding.
Failures reflected incorrect details or institutional response delays.
Early problems included payroll files.
Greenidge urged UWI and other eligible institutions to prepare operationally and meet regulatory requirements, while ensuring cybersecurity, fraud prevention and access for less digitally confident members.
Ownership demands active oversight
Greenidge's message puts members' savings ahead of national investment ambitions.
He said one member, one vote requires participation, financial knowledge and boards equipped to challenge risk.
Digital access and deposit insurance do not remove those responsibilities.
Source: Credit unionism and the development of Barbados
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