Central Bank of Barbados Directs Commercial Banks to Waive Fees on Electronic Transactions: Announcement Made Under NPSA 2021-1
January 3, 2024
"The Central Bank of Barbados directs commercial banks to stop imposing fees on electronic transactions made through ACH and RTP systems, as indicated in a circular issued on January 2, 2024."
The Central Bank of Barbados says it has directed commercial banks not to impose fees on electronic transactions made through the automated clearing house (ACH), including the real-time payments (RTP) system.
On January 2, 2024, the Bank issued a circular to commercial banks advising them that fees were not to be charged on these transactions and that any fees that were currently being charged should be discontinued immediately.
The Bank notes that under the National Payments System Act (NPSA) 2021-1, it had responsibility for the oversight of the national payments systems and was issuing this directive based on this authority. (PR/SAT)
