News

San Andros, Andros - In what was considered a near record turn-out, more than 70 Androsians packed a town hall meeting in North Andros hoping to find a solution to the ongoing challenge of living and working on an island without brick-and-mortar banking facilities. They came to explore digital payment solutions presented by The Central Bank and various financial service providers. Vendors were on hand to present a slew of options from credit and debit cards to online banking and digital wallets using SandDollar and other solutions.

The program was the second in a series of Family Island town halls. Both were spearheaded by Central Bank and the Clearing Banks Association as part of a Live Digital educational campaign designed to build awareness of practical solutions to what, for many has been a frustrating experience with finding ways to pay or get paid.

Hosted by the Andros Chamber of Commerce, the expo drew attendees throughout to the jam-packed meeting room at Island Comfort Bed & Breakfast. After a long draught of banking facilities and years of begging for options, Androsians were offered a full platter of digital banking choices. Vendors included, Cash-N-Go, SunCash, Fidelity Bank and the Public[JAR1]  Workers Credit Union. Every vendor walked away from the event with new business, with one opening some 10 accounts, a reflection of the void left when traditional banks pulled out of Andros, part of a plan to reduce their physical presence on the Family Islands.

Central Bank Governor John Rolle, whose vision led to The Bahamas becoming the first country globally to introduce government-backed digital currency, the SandDollar, said the event was an opportunity to explain in detail -- and in person – a number of payment solutions that would eliminate anxiety over paying bills, depositing funds, arranging loans or even applying for credit.

“Hearing directly from financial services firms with more understanding of products and platforms is extremely valuable to everyone here,” said Rolle.

SunCash Chief Operating Officer Shawn Smith described the turnout as ‘excellent’, calling it critical for vendors to meet with the business community and individuals personally. 

Smith’s sentiments were echoed by North Andros Administrator Beverly Laramore.

“A lot of the information that was imparted is new to the Andros community. We found out today that some of the banks facilitate loan applications online,” Laramore said. “You can also open an account online. A lot of people here on Andros are not knowledgeable about that feature that the bank offers. We also know now that utility bills can be paid through SunCash and Cash N’ Go. I know residents who have signed up at the event today because it is something that we need. There is a lack of ATM and commercial banking here so now we see ways to pay a utility bill or send cash to family members or even receive that cash.”

The Pay Fast, Live Digital campaign is a two-year initiative designed to increase the public level of comfort with digital payments that include credit cards, digital wallets, money transfers, cash apps, online banking, and peer-to-peer payments. The aim is to create a widespread understanding of how individuals can pay and receive payments digitally. 

The next event scheduled is the largest planned gathering with several hundred attendees anticipated at the ‘TECH EXPO’ scheduled for September 26 at the British Colonial in Nassau.