Press Release: Public Update on The Bahamas Digital Currency - SandDollar

Published: Friday September 8th, 2023

Overview

The Central Bank of The Bahamas continued its SandDollar outreach across Exuma, Grand Bahama, and New Providence during August. The SandDollar rebate program remained an essential aspect of adoption efforts and was introduced to AML Foods Ltd. (Solomon’s Food Stores and Fresh Markets) in New Providence, with similar opportunities extended to Exuma and Grand Bahama.

Ongoing Technical Upgrades

Developments and related beta testing continue for the Central Bank’s original SandDollar mobile wallet. The enhanced mobile app will provide a number of self-service tools and features to improve user satisfaction. These features will begin to be available to wallet users early in the fourth quarter of 2023.

Mobile Payments Data

Diminished levels of Government transfer payments continued to influence comparative mobile payment trends. Absent these transfers, wallet top-ups were approximately four-fifths lower, at an estimated $8.7 million in the first half of 2023, having a similar sized impact on reduced cash withdrawals from mobile wallets. Although less impacted, the number of person-to-person (P2P) transactions narrowed by 20.5% in comparison to the same period a year earlier. Moreover, the aggregate value of person-to-business (P2B) and business-to-business (B2B) transactions fell by 18.6% to an estimated $4.0 million in June. The majority of transactions processed continue to be in SandDollars.

SandDollar Outreach Activities

The Central Bank’s digital currency rebate campaign was extended to Solomon’s Food Stores and Fresh Markets, starting on 3^rd August 2023. During each selected day of the campaign, the first 100 consumers arriving at the establishment with an activated SandDollar-enabled digital wallet received a $20 top-up. Upon exit, customers who had spent $18 or more SandDollars inside the store received an additional $5 top-up (rebate). The promotion, which rotated among various Solomon’s locations, ended on 25^th August 2023 and was supported by the initial team of SandDollar Ambassadors.

In August, the SandDollar rebate campaign was also extended to Sawyer’s Fresh Market and the RayVin Mall in Freeport, Grand Bahama. At the same time, patrons of Exuma’s Rolleville Regatta and Homecoming Festival benefited from a similar programme.

In the coming months, outreach activities will continue in the Family Islands. In this regard, the Central Bank will begin to organise with the Government to expose unbanked, cash payment districts to the digital currency.