NASSAU, BAHAMAS – A Bahamian digital payments provider says this year it plans to expand significantly expand its merchant footprint as it highlights a number of enhancements and initiatives designed to get users acclimated to its app-based offering.
According to Keith Davies, chief executive and chairman of Kanoo, the country’s newest digital wallet told Eyewitness News Online that since the company’s formal launch on December 9, the company has attracted 1,100 users and more than 90 merchants.
Kanoo’s largest merchant partner is Super Value.
“We moved from concept and demonstration to actually being accountable to the individual user,” Davis said.
“We’re just shy of a month now since our formal launch and today we have over 1,100 users. The activity level and the interest level continues to grow.”
Davies credited Kanoo’s co-founders Nicholas Reess and Nathan Horn for setting the foundation for the company’s emergence.
He continued: “We started with Super Value which has 13 locations across New Providence. It is the place where you effectively onboard and this year will be able to onboard fiat current.
“From December 9th we have as many or more terminals and access points than any financial institutions in this country. We have over 90 merchants signed up to be in the ecosystem and we are going to be rolling them out with terminals and interface devices.
Davies said: “What you are going to be seeing is the march of the merchants and giving them their spotlight to the Bahamian Kanoo family. We will be bringing them on in an orderly fashion to allow persons to engage with them. We focused on the consume, getting them into the app and now we are going to focus on the merchants and giving them something to transact with. You can also expect to see us expanding into the family islands.”
Through Kanoo, Davies explained that merchants are able to monetize their customers.
They are able to drive sales, increase their awareness and build loyalty, he said.
“People are going to begin to see a number of enhancements and initiatives to flesh put the usefulness of the app,” he said.
“That means Kanoo is going to be that comfort zone. All the places you go and play you are going to find activity with Kanoo. The places that you have to interact with because of bills or otherwise you are going to interact with Kanoo, with just the click of a button.
Davies added: “Eventually, with the assistance of the Sand Dollar and the integration of that you will be able to load using digital currency as well. At that point we would have mitigated the need to have a bank account because you would have digital currency that resides with the Central Bank but through entities like Kanoo.”
According to Mr Davies, ‘empowerment’ is a key tenant of Kanoo’s overall philosophy. “Empowerment is key for what we are going to do. We will continue march on merchants and also some of the small to medium sized merchants as well because our system is designed to help the mom and pop shop, giving them the power of larger merchants. Our vision for this company is to make life better for Bahamians by allowing them to handle money at the speed of life. We believe we offer the best and cleanest product. Our commitment is to continue to do that,” said Mr Davies.