In a groundbreaking virtual presentation held on October 14, 2020, The Central Bank of The Bahamas and the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) unveiled the ambitious “PROJECT SAND DOLLAR: A Bahamas Payments System Modernisation Initiative.” This marked a pivotal moment in the nation’s financial history, setting the stage for the gradual release of a digital version of the Bahamian dollar, aptly named the Sand Dollar.
The initiative, a follow-up to the BCCEC’s February Power Breakfast, commenced its national rollout on October 20, 2020, outside the pilot regions of Exuma and Abaco. Authorized financial institutions (AFIs) played a central role in this release, ushering in a new era of digital currency for the Bahamian populace.
Championed by key figures such as Cleopatra Davis, Head of Department (Banking); Kimwood Mott, Project Manager Digital Currency Implementation; Sametria McKinney, Chief Information Security Officer; and Bobby Chen, Assistant Manager eSolutions, the project aimed to ensure the private sector’s immediate readiness. The virtual session, expertly moderated by Royann Dean, BCCEC Digital Transformation Committee Chairperson, provided a comprehensive overview of the Sand Dollar’s gradual release, outlining the necessary steps for widespread adoption.
The engagement with private stakeholders was paramount, and the event facilitated a unique opportunity for the Bahamian business community to directly interact with the Sand Dollar project leaders. Breakout sessions allowed merchants to engage in one-on-one virtual meetings with representatives from the Central Bank, fostering a collaborative approach to the digital currency implementation.
The financial community rallied behind the initiative, recognizing the potential for financial inclusion of unbanked and underbanked residents. Clearing banks, money transmission businesses (MTBs), and payment service providers (PSPs) actively participated in the project as AFIs, laying the foundation for Sand Dollar wallet providers to join the fray as the project expanded.
Project Sand Dollar held the promise of transforming the financial landscape, offering all residents in The Bahamas access to a central bank digital currency. The modernized technology platform aimed to provide an experience and convenience akin to cash, legally and otherwise. The anticipated outcomes were significant – reduced service delivery costs, increased transactional efficiency, and an elevated level of financial inclusion across the nation.
As history unfolded, Project Sand Dollar became a beacon of innovation, heralding a new era in The Bahamas where digital currency seamlessly integrated with daily financial transactions, shaping the future of the nation’s economy.
