CARIBBEAN-MSME’s urged to go digital.

BRIDGETOWN, Barbados, CMC – The inaugural DigiLab Finance Caribbean program has concluded with a senior official of the Barbados-based Caribbean Development Bank (CDB) emphasizing the urgent need for micro, small, and medium-sized enterprises (MSMEs) to adopt digital solutions.

“Across our Region, far too many people and MSMEs remain outside the formal financial system. Over 80 percent of payments are still being made in cash in the Eastern Caribbean,” said CDB’s Vice President of Operations, Dr. Isaac Solomon, describing it as “a barrier to progress.”

DigiLab Finance is a flagship digital transformation program led by the International Finance Corporation (IFC). Its inaugural Caribbean cohort was delivered in partnership with CDB and the Caribbean Association of Banks (CAB).

It brought together 59 professionals from five financial institutions across the Region and was trained in tools that promote economic resilience and innovation among the private sector clients they serve. The goal is to expand access to financial services for individuals and MSMEs across the Region by leveraging digital technologies.

“We must empower citizens—especially youth—to navigate this new financial landscape confidently and safely. Financial institutions can help to revolutionize how underserved populations can access financial services and products,” Solomon said.

“More than ever before, innovation has to be real, beyond words, and play a significant role in determining the region’s development and resilience.”

Solomon also reaffirmed CDB’s dedication to creating an enabling environment for digital finance through supportive policies and regulatory frameworks.

“The bank is pleased to partner with IFC and CAB. We look forward to deepening our collaboration, not only through future Digital Strategy Programmes, but also in embedding Environmental Social and Governance principles, advancing gender-responsive banking, and strengthening the Region’s financial architecture,” he said.

The CDB, together with the IFC, will continue to lay the groundwork for a more inclusive and modern financial system that unlocks innovation and opportunity for the Region’s entrepreneurs.