BARBARA WALKIN
With the world gradually moving toward cashless trading, and as financial transactions continue to evolve, the Grand Bahama Chamber of Commerce (GBCC) is hoping to educate business owners and residents on the use of the country’s digital cash option, the Sand Dollar.
As a first step, the GBCC has invited Central Bank Governor John Rolle to speak at a business meeting scheduled for April 26 in the Delphine Room at the Pelican Bay Resort Canal House.
“Mr. Rolle will be presenting on access, cost and efficiency in the domestic payments,” Chamber President James Carey said.
He said that as most business transactions are now being made with credit and debit cards or other apps like PayPal, nationally, the Sand Dollar is poised to become a significant player in the digital currency space.
“So, the Chamber is committed to ensuring that the local community can take full advantage of its benefits,” Carey said.
The Sand Dollar, the digital version of the Bahamian dollar, was launched in 2020 and is issued and authorized by the Central Bank of The Bahamas.
GBCC Tech and Research Committee Chair Remiro Russell highlighted the importance of the digital wallet for the local economy.
“Transactions can be done instantaneously,” Russell said.
“Merchants and payers won’t have to wait for the 24-hour period. Transactions are completed in real time.”
According to Sand Dollar’s website, the digital dollar allows for great flexibility and accessibility for residents who can choose to use either a mobile phone application (iOS and Android) or a physical payment card to access a digital wallet.
The system provides a record of income and spending, which can be used as supporting data for micro-loan applications.
The website explains that a key component of the Central Bank’s vision is to promote a leading financial services industry with a modernized payment system.
It adds, “To that end, we are aiming to: Increase the efficiency of the Bahamian payments systems through more secure transactions and faster settlement speed; achieve greater financial inclusion, cost-effectiveness, and provide greater access to financial services across all of The Bahamas; provide non-discriminatory access to payment systems without regard for age, immigration or residency status and strengthen our national defenses against money laundering, counterfeiting, and other illicit ends by reducing the ill effects of cash usage.”
Russell said that based on financial trends today, the Grand Bahama community should embrace the digital wallet app.
“Everyone has a smartphone, an iPad or other device, so you go and download the app on your device,” he said.
“Once it is downloaded, you will go ahead and purchase your Sand Dollar through the Central Bank and voila, you will be able to make purchases and transfer funds. It is similar to all the mobile banking apps.”
However, he stressed, “You must have the app, the Sand Dollar wallet, to complete transactions.”
Unfortunately, at this time, users do not have the ability to cross-transfer from the app to a financial institution.
“That capability is not available as yet,” Russell said.
But he said he is assured it is in the works.
Asked about concerns residents may have, particularly with the 2022 FTX fiasco, Russell reassured that there is no need for anyone to be afraid, stressing that the Sand Dollar is not a cryptocurrency.
“They are two separate entities,” he said.
“It’s a completely different platform and obviously there are regulations in place for it.
“It is a central bank digital currency, which means it is a centralized, stable, private and secure account and means of transaction. Therefore, payment goes straight to the recipient’s digital wallet. It doesn’t go through a bank or credit card.”
Russell noted that a Sand Dollar wallet balance is separate and apart from the balance in a bank account.
To enroll and get your wallet, users may contact one of the issuing agents – Omni Financial, SunCash, Money Maxx, Cash N’Go, Kanoo, Mobile Assist and Island Pay.
Enrollment options are available on the Sand Dollar website at www.sanddollar.bs.
