The Central Bank of The Bahamas has announced an ambitious plan to enhance the nation’s payment experiences by implementing a real-time fast payment system within the next two to three years. Governor John Rolle detailed this initiative at the Live Digital Payments Expo held at the British Colonial Hotel, explaining how this new system will integrate seamlessly with the existing SandDollar digital currency and the current financial infrastructure. The goal is to facilitate instant retail payments between digital wallets and deposit accounts, bringing greater speed and efficiency to financial transactions across the islands.
Developing a Unified QR Code Standard
One of the major components of this initiative is the development and adoption of a unified QR code standard for scan-to-pay transactions. This move is aimed at promoting greater discipline and interoperability among banks, credit unions, and digital wallet providers. The Central Bank expects significant progress in this area by the end of 2025, which will streamline the user experience and make digital payments more accessible and convenient for everyday transactions.
Governor Rolle underscored the importance of digital channels for financial services, particularly in a country like The Bahamas with its dispersed population. He believes that a digital-centric approach ensures that even residents in remote areas, such as the Family Islands, will have access to quality banking services similar to those available in New Providence. Enhanced digital access is also anticipated to improve transaction efficiency for both individuals and businesses in more developed areas and boost tourism-related transactions.
Focus on Public Education and Simplified Business Accounts
To encourage the adoption and increased use of these digital channels, the Central Bank is placing a strong emphasis on public education. Moreover, the Bank aims to simplify the process of establishing business accounts, potentially introducing new regulations compliant with anti-money laundering and related standards. Specifically, the Central Bank has identified ways to make it easier for small businesses to open merchant accounts, which could involve simplifying personal due diligence requirements at the onboarding stage.
Additionally, Governor Rolle highlighted efforts to enhance financial inclusion by developing requirements for a basic bank account targeted at individuals. This initiative aims to reduce banking fees and make it easier for all Bahamians, especially low-income earners, to maintain banking accounts. The proposed basic accounts would have defined limits on transaction value and volume to ensure affordability.
Enhancing Financial Inclusion and Efficiency
The Central Bank of The Bahamas has unveiled an ambitious plan to enhance the country’s payment system by rolling out a real-time fast payment system within the next two to three years. Governor John Rolle announced this initiative at the Live Digital Payments Expo, which took place at the British Colonial Hotel. This new system aims to integrate seamlessly with the existing SandDollar digital currency as well as the current financial infrastructure. The primary objective is to facilitate instant retail payments between digital wallets and deposit accounts, thereby significantly improving the speed and efficiency of financial transactions across the islands.
Governor Rolle emphasized that this development would not only modernize the payment landscape but also ensure that residents of The Bahamas have quick and convenient access to their funds. By linking digital wallets directly with deposit accounts, the Central Bank aims to create a streamlined experience that will benefit both consumers and businesses. This initiative is seen as a critical step in embracing digital transformation and advancing the financial ecosystem within the nation, providing greater economic inclusivity and fostering growth.
