Eleuthera residents and business owners turned out in record numbers for the recent 2nd annual Digital Expo and a chance to interact with nearly a dozen stakeholders providing alternative financial solutions in a climate where traditional banks are reducing their presence.
The standing room only event held July 19 at the Cancer Society of The Bahamas in Central Eleuthera was the first in a series of Family Island town halls showcasing digital payment solutions. It was a partnership between the Eleuthera Chamber of Commerce, The Central Bank of The Bahamas, Clearing Banks Association, credit unions and digital wallet providers. A second town hall is scheduled for Andros July 30.
Led by the Pay Fast, Live Digital educational campaign designed to showcase convenient methods and tools for paying and getting paid electronically whether through digital currency like Sand Dollar, peer-to-peer payments or other alternatives that eliminate the need for a total reliance on paper and allow for inclusion of the unbanked and underbanked.
Central Bank Governor John Rolle touted the inclusivity and accessibility of digital payments, a factor he said that those in Eleuthera were eager to grasp.
“The most important part about events like this is being able to share the information about what financial institutions are doing and also to get the business community to understand what it is that we’re focused on in terms of improving digital payments infrastructure,” Rolle said. “We expect the regulators and providers of financial services to be held accountable for improving those services and at the same time, as the regulator and provider of services, we [Central Bank] should be able to indicate the sort of areas in which we’ve identified for improvement in services. All of those are based upon the feedback we’ve received from the business community.”
Rolle noted that demonstrating digital payment solutions was critical for those doing both local and international business, especially in a tourism driven economy.
“Most of the Family Islands have limited bank facilities, one ATM, one branch, and in some islands nothing that resembles that at all,” Rolle stated. “Our goal is to ensure that we transform the way we do financial service in The Bahamas, so everyone has the same level of service, and the same level of convenience in accessing those services.”
Presenters included representatives from SunCash, Cash-N-Go, RBC Bahamas, Bank of The Bahamas, Fidelity Bahamas, Mobile Assist, and Kanoo Digital Wallet.
The expo featured booths from various stakeholders with live demonstrations, tech-oriented giveaways and prize packages, as well as informative presentations and a Q&A period where attendees were able to share their banking-related concerns and seek direct answers from the Governor to develop a better understanding as it relates to the modernization of payment solutions.
Eleuthera Chamber of Commerce President Thomas Sands said the event provided opportunities for a cross-section of businesses to find the solution that best meets their needs for paying and getting paid.
“To see the number of participants from the banks, and the digital wallets, I think was very important because one of our main objectives was to make sure that we broaden the discussion from the perspective of these financial institutions, digital wallets, proposing their ways and means in which they provide solutions to us as a business community,” Sands said.
Bank of The Bahamas Merchant Service Rep Michaela Perpall said the one-on-one engagement, the interactions with bank representatives and the ability of Eleuthera residents to hold banks accountable while having their questions and concerns addressed helped to build trust and reduce doubts and eliminate confusion.
“The types of questions we received were surrounding more about security for merchant purchases, the ease of doing business, the cost factors involved and we were actually able to sign up a few new merchants after addressing a few of the concerns they had about the process of doing business,” Perpall said.
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.
Registration for the event was free and Eleuthera represented the first stop of the nationwide campaign.
More Photo Highlights Below:
Participants at the 2nd annual Digital Expo sought answers from stakeholders about alternative payment solutions.
At the recent town hall held in Eleuthera, Central Bank Governor John Rolle shared details of how conducting international business through digital payment solutions will ease process and help facilitate efficiencies.
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