NASSAU, BAHAMAS — Payment activity facilitated by electronic money service providers (EMSPs) declined in 2023, with a 78 percent reduction in top-up transactions.
The Central Bank in its 2023 annual report and financial statement noted: “Retail payment activity, facilitated by electronic money service providers (EMSPs) was reduced when compared to 2022 when transactions were partly boosted by transfers related to the unwinding of pandemic-related social assistance. The number of service providers held steady at seven, supported by a 28.9 percent rise in agents to a total of 174.”
The regulator further noted: “Payment service providers registered a 78 percent reduction in top-up transactions for a total of 191,697 and the corresponding value fell by one-third to $18.6 million. Over the same period, the frequency of withdrawals decreased by 14.4 percent to 46,942 which led to a 68 percent contraction in the associated value to $24.9 million.”
The report further revealed that person-to-person transactions declined by 9.4 percent (2,190) to 21,197 with a corresponding 4.7 percent fall-off in value to $5.5 million. “In contrast, person-to-business transactions doubled to 722,525, supported by measures taken by the Central Bank and authorized financial institutions to expand Sand Dollar and e-money acceptance and usage,” the regulator noted.
In terms of business-to-business transactions, the number was higher by 23.7 percent at 188 while the value held steady at $4.9 million.
At the end of 2023, the total number of e-money users increased, with the volume of residential user accounts growing by 33.4 percent (31,203) to 124,667 while business accounts grew by 31.2 percent to 1,848.
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