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.