NASSAU, BAHAMAS — Hundreds of high school students were educated on the advantages of the Sand Dollar and were introduced to the nation’s digital wallet providers at a recent financial literacy fair organized by the Central Bank.
In an effort to bolster financial literacy among the youth, students received financial management tips and insights on healthy financial practices from Central Bank employees during the fair held at the Central Bank on April 26th. They were also informed of career opportunities at the regulator.
The event, which was held in collaboration with the Ministry of Education, was produced and coordinated by Create Serendipity/Narvi. The financial literacy fair welcomed a total of 476 students from 17 schools across the country, including C. R. Walker Senior High School, H.O. Nash Junior High School, Centre for the Deaf, The Government High School, A.F. Adderley Junior High School, Doris Johnson Senior High School, C.C. Sweeting Senior High School, C.H. Reeves Junior High School, Anatol Rodgers High School, T.A. Thompson Junior High School, Programme Sure, L. W. Young Junior High School, C. V. Bethel Senior High School, D.W. Davis Junior High School, C. I. Gibson Senior High School, S.C. McPherson Junior High School, and R.M. Bailey Senior High School.
Brett Lashley, Deputy Manager of Currency at the Central Bank, stated: “The purpose of the event is to introduce the students to some basic financial literacy concepts, best practices, and tips that should be useful to them as they move into the adult world and start their careers. We have our digital wallet providers here today, introducing them to the different apps and solutions they provide. We also have a Sand Dollar team here today introducing them to Sand Dollar, and we have the bank’s human resources department introducing them to what a career with a regulator may look like.”
Lashley further added, “Definitely we think that the earlier you can start to introduce healthy financial habits the better. Those habits tend to stick with you for life.”
Reflecting on the fair, Rovette Murphy, an 11th-grade student at CV Bethel High School, described it as extremely informative. “I knew a bit about digital banking and how you exchange money via phone or technology. I learned about what exactly the Central Bank does and what it is. I gained better knowledge of digital banking and better knowledge of loans, how to get loans, insurance, and all of that,” she said.
Similarly, Andre Sweeting, also an 11th-grade student at CV Bethel High School, shared, “I knew about digital banking from my aunt because she works at a bank and taught me different things about it, how it could be beneficial and the different things about it, how it could be beneficial and also the negative part about it. I have a bank account and I’m looking into going into digital banking. I gained knowledge that I shouldn’t have all my eggs in one basket, meaning money, and be versatile.”
Antonia Jolly, a technical studies teacher at CV Bethel High School, stressed the importance of such events in the backdrop of banking transitioning to digital platforms. “I came today to bring my students so they can see the different wallets and how banking has changed and how technology impacts banking now,” she said, adding, “Digital banking is taking over right now. Learning about it now and seeing the benefits prepares them in their own life. In their own life, they can budget their money and learn how to use the apps so when they come out of school, they can be efficient.”
Tashon Knowles, an 11th grader at Charles W. Saunders High School, stated, “When I came here the information I learned increased my knowledge. I never knew as much as I learned here today.”
Steven Duncombe, Senior Master at the Charles W. Saunders Baptist High School, highlighted the significance of firsthand information in understanding evolving financial landscapes. “We got the invitation from the Central Bank and thought it would be a great experience for our business students in grade 11. The other students are taking exams but for our seniors in the 11th grade.”
He added, “Well, I think this is very important because, first of all, as a former banker, I don’t know much about the Sand Dollar, so it’s good to get firsthand information to assist because that’s the area we are moving in with digital currencies. They can marry the theory they have been learning in class to practitioners who are here answering questions and to see how it really works here at the Central Bank.”
The fair saw participation from digital wallet providers such as SunCash, Kanoo, Omni Financial, Mobile Assist, and the Credit Bureau (CRIF). Various departments of the Central Bank, including Human Resources also participated in the event. Breakfast and lunch boxes were supplied by Preacher’s Kid, owned and operated by Chef Simeon Hall Jr.
Scieska Adderley, Public Relations and Communications Manager with Kanoo, elaborated on the significance of the fair in educating about digital wallet providers. “There are a lot of people that still don’t know about Kanoo even though we have been around for about five years, and that’s understandable. We just wanted to inform them about what Kanoo is, what its benefits are, and the fact that it’s easy to use and convenient.”
Adderley noted that the students were highly receptive to the information provided, and attributed the ease of explanation to their tech-savviness.
Lori Russell, a SunCash representative, noted the students’ receptiveness to the information provided at the financial literacy fair. “We’re just letting all of the students and teachers know how easy it is to download a mobile wallet and how easy and seamless it makes their life entirely. Whether they want to go to a bamboo shack and they don’t have enough cash on them, they can pull out their mobile wallet and pay in Sand Dollar and at other establishments that accept it. They can apply for business services once they have their business license.”
She added, “We have business services and mobile wallet services; they could buy gift cards, vouchers, do Sand Dollar transactions, international Western Union transactions. We have several kiosks that we have deployed throughout all of the family islands to assist with the banked and the unbanked. One can load physical cash to convert to Sand Dollar, and can also top up mobile phones.”
Marissa Nixon, General Manager for CRIF Information Services Bahamas, underscored the importance of the country’s Credit Bureau. “The importance right now of students to have an understanding of what the credit bureau is for the current and the future. We as Bahamians tend not to pay our bills on time. The importance of the industry in this field is we provide an analysis or score. Similar to giving a student a grade in school we give a grade based on how you pay your bills. This will then allow you access to a loan.”
