NASSAU, BAHAMAS — A digital payment solutions provider hailed the “seamless integration” of the updated Sand Dollar infrastructure with commercial banking platforms as a huge ‘plus,’ noting that such firms are eyeing expansion of their services into the wider Caribbean.
Dr. Donovan Moxey, the Mobile Assist CEO, while speaking at the launch of the Central Bank’s digital campaign, touted the value of digital payment solutions providers and noted that these entities offer additional transaction services traditionally provided by commercial banks, including e-commerce, ticketing, and other transactions.
“One of the biggest plusses with Sand Dollar 2.0 is the seamless integration with commercial banks. Ideally, what should happen is that individuals should now be able to go seamlessly between their bank account, savings or chequing account, and their digital wallet,” said Dr. Moxey, noting that this would allow for even greater uptake of the Sand Dollar.
He noted that they want to grow beyond The Bahamas. “As AFIs, we want to grow our business beyond The Bahamas. The opportunity for us is the Caribbean. One of the biggest advantages we have is that our dollar is tied or pegged to the US dollar,” said Dr. Moxey.
Central Bank Governor John Rolle noted: “Sand Dollar 2.0 is going to allow anyone to just download the app and be set up in less than 10 minutes. In going through that process, they would have the opportunity to select which financial institution provides them with the service. Before this point, the only way individuals could work through the Central Bank platform to get a Sand Dollar wallet was to arrange with a financial institution to get an activation code. You won’t need an activation code; you will be able to complete that process end-to-end by going through the steps provided in the app.”
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