NASSAU, BAHAMAS — The Central Bank is spearheading an initiative to enhance payment experiences in The Bahamas by implementing a real-time fast payments system over the next two to three years.
According to Central Bank Governor John Rolle, this new system will integrate with SandDollar and existing infrastructure, enabling instant settlement of retail payments between digital wallets and deposit accounts.
At the recent Live Digital Payments Expo at the British Colonial Hotel, Governor Rolle emphasized that credit unions must upgrade their capabilities to operate alongside banks and digital wallet providers. He also announced that a unified QR code standard for scan-to-pay transactions will promote greater discipline among providers. The Central Bank expects significant progress in fast payments by the end of 2025.
Rolle highlighted the necessity of using digital channels to provide Bahamian financial services, particularly given the sparse distribution of the population, especially in the Family Islands. “Only a digital approach will ensure that even the most remote settlements can access the same quality of banking and financial services as those in New Providence. Moreover, enhanced digital access will improve transaction efficiency for individuals and businesses in more developed areas of The Bahamas. We also have the potential to boost tourism returns if visitors can pay digitally for products and services from small businesses,” he stated.
He added, “While we are focused on public education to encourage faster adoption and increased use of digital channels, we also recognize our responsibility to deliver measurable improvements to the system.”
In addition to the real-time fast payments system, Governor Rolle emphasized the need to simplify the process of establishing business accounts. This may lead to new regulations, ensuring compliance with anti-money laundering and related standards.
“In the context of the SandDollar rollout, the Central Bank has identified simplifications that would allow small businesses to open merchant accounts by meeting only the personal due diligence requirements for proprietors at the onboarding stage. Our next step is to explore how new anti-money laundering-compliant rules could enable a wider range of business accounts to be established quickly,” he explained.
Regarding financial inclusion, the Central Bank has begun developing requirements for a basic bank account for individuals aimed at reducing fees. This initiative would empower all individuals to afford and maintain banking accounts, although it is proposed that only low-income earners qualify for these accounts based on defined limits on transaction value and volume.
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