Central Bank to engage with commercial banks to boost Sand Dollar adoption

Central Bank to engage with commercial banks to boost Sand Dollar adoption

NASSAU, BAHAMAS- The Central Bank plans to collaborate with local commercial banks as part of its 2024 engagement strategy and leverage their existing customer base to boost the adoption of the Sand Dollar in the country executives said yesterday.

They also noted that in the past several, there have been discussions with the government on how it can utilize SandDollar even more through Social Services, National Insurance, and other government pay-outs.

Shaqueno Porter, Deputy Manager of Financial Market Infrastructure while speaking at the D3 Bahamas Conference on Wednesday noted that collaboration with commercial banks is key to any successful Central Bank Digital Currency (CBDC) adoption. 

“They already have an existing consumer base and integration with the commercial banks can see adoption explode if banks are issuing CBDC. we have an engagement strategy in 2024 to engage with the local banks and to get them on board to see how we can integrate Sand Dollar with their internal process. We are working with them to integrate the Sand Dollar into their internal system.”

Brett Lashley, Deputy Manager of Customer Experience noted, “A lot of the large businesses are not interested in establishing a relationship with a new financial institution. Being able to have  Sand Dollar available within  their existing financial services provider will certainly go a long way.”

The Central Bank of The Bahamas introduced the Sand Dollar in October 2020. It was one of the first central bank digital currencies (CBDC) in the world. The Sand Dollar was created to enhance financial inclusion and promote digital payments within the Bahamas.  Earlier this year, the Central Bank reported that there was more than $1 million in Sand Dollars in circulation.