25 CONSOLIDATED ANNUAL REPORT 2026 Our organizational culture will be defined by continuous learning and professional growth, empowerment and accountability at all levels, and a shared commitment to excellence and service. • Co-operative Principles & Future Vision The co-operative ethos of “people helping people” is not a relic of the past, it is the compass guiding our future. By blending this timeless principle with bold, forward-looking strategies underpinned by technology, we are confident in our ability to navigate challenges with resilience, emerge stronger and more agile, and remain deeply connected to the members and communities we serve. BPWCCUL is not simply adapting to change; we are shaping it as we did more than fifty-five years ago. By investing in digital transformation, cyber resilience, generational engagement, and talent development, we are building a Credit Union that is future-ready, memberfocused, and true to its cooperative roots. National Instant Payment Initiative – BiMPay A key milestone during the year was our collaboration with the Central Bank of Barbados (CBB) as a participant in the national instant payment initiative, BiMPay. We are proud to report that the Credit Union was granted a Tier 1 license without conditions, underscoring our commitment to compliance, innovation, and leadership in the digital payments ecosystem. Through this license, the organisation is authorised to provide a wide range of payment services via its CO Optima Pay app powered by BiMPay, including: • Establishing and maintaining payment accounts • Executing payment transactions • Acquiring and issuing payment instruments • Providing money remittance services • Issuing, storing, and transferring electronic money units We have made it easier for members to send and receive payments and have their direct deposits available sooner through our CO-Optima Pay, which makes it easy to send and receive money to virtually anyone, safely and securely. This achievement strengthens our regulatory standing and enhances the value proposition for members. By leveraging BiMPay, we are advancing digital transformation in line with member expectations and positioning the Credit Union at the forefront of innovation in Barbados’ financial services sector. Regulatory Environment Review Overview of the Regulatory Landscape and the Shift to Risk- and Principles-Based Supervision The Financial Services Commission (FSC), as the integrated regulator for non-bank financial institutions, has been reshaping the operating environment for credit unions by exploring a transition toward risk- and principles-based supervision. This model shifts away from uniform, compliance-driven oversight to one that tailors regulatory scrutiny to the systemic importance of each entity. For us, as one of the large credit unions designated as Non-Bank Systemically Important Financial Institutions (NB-SIFIs) or near-NB-SIFI status, the implications are significant. However, the benefits of this approach lie in its alignment with the operational complexity of larger credit unions, while the move toward principles-based oversight places greater responsibility on us to strengthen internal governance and risk management frameworks, as prescriptive rules give way to accountability-driven standards. Enhanced Supervision of Large Credit Unions, Stakeholder Consultation, and the FSC’s Enforcement Mandate The FSC has signalled a more intensive supervisory approach for larger credit unions, engaging stakeholders across financial sectors in discussions on legislative reform, governance, and supervisory frameworks. Among the most notable developments are the shift from traditional co-operative governance towards modern accountability standards, and the planned extension of deposit insurance coverage to credit unions, through the Barbados Deposit Insurance Corporation (BDIC), which, once implemented, would enhance member confidence and institutional credibility. The Credit Union is committed to working with the regulator to ensure it aligns with its regulatory frameworks. Risk Management The BPWCCUL Group remains committed to maintaining a comprehensive risk management framework that supports effective governance, regulatory compliance, operational resilience, and sustainable growth. During the review period, the Risk Management Department continued to strengthen the foundation established by the Group’s Enterprise Risk Management (ERM) Framework, enhancing risk management practices across the organization and contributing to the achievement of the Group’s strategic objectives. As the Group expands in size, complexity, and operational scope, the importance of effective risk oversight has increased. Consequently, the Group has invested further in its risk management capabilities by expanding the Risk Management Department, increasing staffing resources, and approving additional positions to reinforce enterprise-
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