• The partnership aims to improve access to credit card services for underbanked individuals in Barbados.  

   

WASHINGTON - IDB Invest approved a loan for up to BBD$10 million to Cave Shepherd Card Inc. (Payce Digital) to expand access to credit card services in Barbados, focused on serving low- and middle-income individuals. This is the first IDB Invest partnership with a non-bank financial institution in Barbados, as well as its first in local currency and local law.

This operation aims to expand financial access to the population facing financial challenges by providing affordable credit card options. With this support, Payce will continue to offer streamlined access for credit card account approval and digital payments services in Barbados, bridging the gap for underbanked consumers.

Barbados has achieved steady economic growth in recent years, supported by key sectors such as tourism, construction, and business services. Despite this progress, access to finance continues to be a structural challenge, particularly for individuals with lower incomes. Credit cards remain difficult to obtain due to rigid credit scoring systems and high interest rates. Institutions like Payce are helping to address this gap by offering more inclusive financial products that broaden access to financial services.

In addition to the loan, IDB Invest will provide support to strengthen Payce’s operations. As part of the transaction, the company will implement an enhanced Corporate Governance Action Plan (CGAP); thereby strengthening transparency, oversight, and decision-making practices to support sustainable growth and industry best practices.

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of US$22 billion in assets under management and more than 440 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet its clients' needs across various sectors. Visit our website: idbinvest.org/en.

About Payce Digital

Payce Digital is the oldest revolving and largest credit product in the Barbadian market serving over 31,000 Cardholders with a portfolio size of BBD$64M and continuing to show strong growth year on year mirrored by double digit growth in digital payments.  In 2016, the entity became the first non-financial services institution in the English-speaking Latin America and Caribbean region to be granted an Issuer Member License directly from VISA.  As part of Payce Digital’s strategic vision, the entity offers both credit and digital payment products inclusive of peer-to-peer transfers, eBill payments and payments via QR code technology.  Payce Digital prides itself on delivering exceptional service experiences to its customers while constantly introducing value-added and innovative payment product solutions to the market.  Visit our website at www.paycedigital.com