NASSAU, BAHAMAS — Addressing concerns around banking in the country must not only focus on the cost of services—where there is legitimate concern and progress can be made—but also ensure that services are available, particularly in sparsely populated areas, according to Central Bank Governor John Rolle.
During a press conference at the Central Bank, Governor Rolle noted that the challenges faced in banking in New Providence are further exacerbated in the family islands.
“We believe it is important to improve the cash services that family islanders have access to. We are looking at various ways that can be done. When we look at the Sand Dollar, it gives individuals access to receiving and sending funds to and from the banking system, and to the extent we have already started to see cash services provided in the family islands,” said Governor Rolle.
He further elaborated on banking issues: “It is more than just a question of how much service costs, but also an issue of making services available. We don’t only in the Bahamas have an issue around cost where the concerns are legitimate, and I think we can make some progress there. We are still looking at how we can increase the supply in certain areas, and we believe it has to be digital in many respects because we cannot realistically expect to replicate how the service is provided in many of these low-populated areas.”
On the digital front, Governor Rolle noted that the Central Bank has introduced the Sand Dollar, the digital version of the Bahamian dollar, and has been pushing its adoption.
“I would say we have a lot more work to do there, particularly around improving the merchant space, setting up more businesses to be able to accept Sand Dollar, and increasing access for the use of Sand Dollar for those who want a faster means of accessing any sort of digital account to receive payments. We have already seen use cases where businesses have been able to quickly get employees set up using digital wallets, allowing them to access their online banking systems and make payroll transactions. That’s an example where we think over time we will gain traction with people seeing the use and value of Sand Dollar as a means of facilitating more seamless access to payments and transfers from ordinary bank accounts,” said Governor Rolle.
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