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.