Credit union members to receive deposit insurance protection

Thousands of Barbadians who save through credit unions are expected to receive the same level of protection currently enjoyed by commercial bank customers.

Minister of Finance Ryan Straughn this morning tabled the legislation that is expected to bring credit unions under the umbrella of the Barbados Deposit Insurance Corporation.

He says the Protection of Depositors Bill, 2026, will strengthen confidence in the financial system and modernise the country’s deposit insurance framework.

According to Minister Straughn, more than two hundred and twenty thousand Barbadians belong to credit unions.

Also lending voice to the legislation was the Minister of Labour, Social Security and the Third Sector, Colin Jordan.

He says the Bill will enhance confidence, encourage greater participation in the credit union movement, and support economic growth.