NASSAU, BAHAMAS — Sand Dollars in circulation are currently valued at just over $1 million according to Central Bank Governor John Rolle, who noted that within the mobile wallet space, the spend is roughly $4 million per month.
“The financial institutions are predominately concluding those transactions in Sand Dollar; more than 80 percent of those. We expect that eventually all will be done in San Dollars because that is the medium by which the wallets are able to speak to each other across the platforms,” said Rolle, speaking on the sidelines of the regulator’s recent Financial Literacy Fair and Digital Expo.
The Sand Dollar is the digital version of the Bahamian dollar which is issued and authorised by the Central Bank. Rolle noted that there are currently six active authorized financial institutions (AFIs) active in the market.
“There are six AFIs that are active in the market and that level of activity is only now beginning to express itself. They have spent a lot of time building their technology platforms, merchants payment systems and the like and now are at the point where we can begin to push a lot more on the public education process for adoption,” he commented.
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