Greenidge concedes misstep after criticism over refusal to reveal BiMPay cost

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.

“But that’s not an excuse,” he said. “In public finance, the answer cannot just be ‘go and read the reports.’ The answer should be clear. So, here it is.”

He continued: “Therefore, when I misstep, I will always own it. It was never any intention to hide anything. You cannot hide expenditure of this kind in public financial reporting to which I have referred. The Central Bank has always been prepared to explain clearly what has been spent, why it has been spent, and what Barbados has been receiving for it.”

The new transactional arrangement reduces the cost of doing business, the Central Bank governor stressed, because there are no fees for individuals, and fees for micro and small businesses have been capped.

He sought to give an assurance that the central bank is working with the commercial banks and credit unions to resolve the challenges and frustrations some customers have been experiencing in obtaining tokens, with registration, linking multiple accounts, and with the overall app experience.

The governor acknowledged that the new system is an important initiative which requires public trust.

He noted that he has been committed to explanations of financial economic issues, such as in the explainer series over the past couple of years.

Dr Greenidge promised to be accountable to Barbadians and work with the public in making BiMPay serve it well. 

(EJ)