On January 23, 2020, the Central Bank of The Bahamas hosted the first Bahamas Chamber of Commerce and Employers’ Confederation Power Breakfast of the year, showcasing the Sand Dollar, a digital version of the Bahamian dollar, to the business community. The event, held under the theme “PROJECT SAND DOLLAR: A Bahamas Payments System Modernisation Initiative,” provided a platform for businesses and stakeholders to gain insights into the Sand Dollar’s potential to transform Bahamian digital payments.
A Digital Currency for Enhanced Inclusion
In December 2019, the Central Bank of The Bahamas launched Project Sand Dollar, a pilot phase of the digital Bahamian dollar in the Exumas. This initiative, a continuation of the Bahamian Payments System Modernization Initiative (PSMI), aims to enhance financial inclusion and access, making the domestic payments system more efficient and inclusive.
Over 1,200 Bahamians Embrace the Sand Dollar
The Sand Dollar pilot has surpassed initial projections, with over 1,200 Bahamians already enrolled. The strong demand for the digital currency reflects the widespread enthusiasm for its potential to bridge the financial inclusion gap.
The Sand Dollar Wallet: A Gateway to Digital Payments
The Sand Dollar wallet, available on the Google Play and Apple stores, simplifies digital transactions. The app is free to download and does not require membership fees. However, for the duration of the pilot, the app can only be configured after enrolment through a participating financial institution.
A Collaborative Effort Towards a Cashless Society
The Sand Dollar project has garnered the support of the financial community, with authorized financial institutions (AFIs) playing a crucial role in its implementation. Clearing banks, money transfer businesses (MTBs), and payment service providers (PSPs) are collaborating to make the Sand Dollar accessible to Bahamians across the archipelago.
Sand Dollar: A Symbol of Bahamian Innovation
The Sand Dollar represents a significant step forward in Bahamian financial technology, aligning the country with global trends in digital currency adoption. As the pilot expands to the Abacos, the Sand Dollar is poised to transform the way Bahamians conduct transactions, fostering greater financial inclusion and economic prosperity.
