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Queen’s College has, with the help of Kanoo Pays, implemented a smart ID card system for students that serves as an identification card and also enables cashless transactions on campus, the school’s Principal Rev. Henry Knowles explained yesterday.

The smart ID card system is another product Kanoo is rolling out to continue its mission of promoting the future of payment systems.

Kanoo’s Assistant Operations Manager Jamal Bingham explained that while the ID cards – which use near field communication (NFC) technology to carry out transactions – are made for QC’s on-campus transactions, students can also transact at Kanoo merchants outside of school using the money stored on their cards.

Knowles said the cards are convenient because parents can top up their children’s accounts through the Kanoo app.

He said the initiative will help to prepare students for a cashless society.

According to Knowles, there was some initial hesitation from parents due to cybersecurity concerns, but he explained that the adoption rate is nearing 80 percent, as parents become more comfortable.

“So you don’t have to worry about kids saying, ‘mom I forgot my money home, and you bring me lunch money,” said Knowles.

“It’s all uploaded to their accounts by their parents through their Kanoo app, and they’re able to use their cards around the campus.”… Read the rest

Kanoo Pays ended the AfriCaribbean Trade and Investment Forum, which occurred last week at the Baha Mar Convention Center, with the sale of two million units of wearable payments technology for the Caribbean, the company’s Chairman Nicholas Rees told Guardian Business last week.

The company is already in the African market, helping the Bank of Ghana to roll out a central bank digital currency (CBDC), but the mobile wallet company and fintech firm is hoping to further expand its presence on the continent.

Kanoo was part of the AfriCaribbean Trade and Investment Forum in conjunction with the International Trade Center (ITC).

Rees explained that the ITC invited Kanoo to be part of its trade show booth, as the company positions itself to expand into more African markets.

“The conference was pretty amazing. We made a lot of positive connections,” said Rees.

“We had a lot of interest from businesses, business owners and entrepreneurs in Africa as well.

“And we actually got some sales on the first day for the wearable technology. The wearable exhibit was a smashing hit. Everyone was interested in those wearables.

“So, we’re moving to lock in with a MOU [memorandum of understanding] right now for about two million units.… Read the rest

Speaking on the critical role of financial technology (fintech) in the Caribbean’s emerging markets, Nick Rees, chairman and co-founder of Kanoo Pays – one of the nation’s leading digital payment solutions providers – said it is essential these new innovations connect people and industries throughout the region.

Rees was speaking ahead of an address he made at the much-anticipated Fintech Islands conference (FiX 24), held at Sam Lord’s Castle, Barbados yesterday.

“The Caribbean’s financial technology sector is now a prominent part of our economy, and as such, it’s essential that multiple venues and opportunities exist where people from across the region can make connections and share lessons learned,” he said.

“It’s always a special moment representing The Bahamas on any international stage, primarily to share with the world the fantastic technological advances that The Bahamas has been leading. Fintech Islands has provided an arena for us to meet with other thought leaders in the Caribbean, share insights, and has enabled our international expansion opportunities, to some degree.”

Covering several topics including artificial intelligence, climate fintech, and digital assets, the FiX 24 conference saw more than 700 stakeholders of the financial services industry gather to discuss and foster innovation and collaboration in the financial technology sector.… Read the rest

Kanoo Pays has invested in near-field communication (NFC) technology that allows users to transfer funds between two NFC-enabled card devices and does not require an internet connection. The investment is part of the mobile wallet company’s continuing bid to transform payment systems in The Bahamas and worldwide.

The company’s co-founder and Chairman, Nicholas Rees, wrote in an article on the website Next Billion – an online magazine and forum for business development – that the technology will allow users to conduct payment transactions seamlessly without the need for an internet connection, thereby solving specific connectivity and financial inclusion issues faced by countries in the region.

“For individuals in remote islands with limited access to banking services, a digital wallet eliminates the need to hold and carry cash,” said Rees.

“Users can easily access their funds and make purchases at merchant locations across the island, creating a closed-loop environment that promotes financial inclusion. Moreover, since a digital wallet can be linked to traditional bank accounts, it can ensure accessibility even in areas where ATMs are scarce.

However, digital wallets face some limitations in the Caribbean. In particular, a lack of reliable high-speed internet connectivity, especially in rural areas, has been identified as a factor hindering the widespread adoption of digital banking services in the region.… Read the rest

While Kanoo Pays is already in the African market, helping the Bank of Ghana to roll out a central bank digital currency (CBDC), the mobile wallet company and fintech firm is hoping to expand its presence on the continent further as it takes part in this week’s Afreximbank 31st Annual Meetings and the third AfriCaribbean Trade and Investment Forum, in conjunction with the International Trade Center (ITC), Chairman of Kanoo Nicholas Rees told Guardian Business yesterday.

Rees explained that the ITC invited Kanoo to be part of its trade show booth this week, as the company positions itself to expand into more African markets.

According to Rees, Kanoo has already eyed projects in Tanzania, Mozambique, and the Ivory Coast that are underway.

“Kanoo and Emtech are collaborating on cross border financial trade ecosystems, payments, central bank infrastructure,” said Rees.

“And so that is something that is available and in action now. What I found to be exciting was that what this conference is seeking to achieve, we’re actually doing it. Not just in the CBDC space, but also in the wearables.”

Rees said Kanoo will have a wearables demonstration using this country’s CBDC, Sand Dollar, at the conference this week.

He explained that wearable technology allows users to carry out payment transactions using things like rings and bracelets.… Read the rest

By Natario McKenzie

Digital payments solutions provider Kanoo has included social assistance payments into its offering, with over 3,000 beneficiaries currently receiving assistance via its platform.

Kimani Braithwaite, chief operating officer of Kanoo, noted that individuals receiving social assistance payments can no do so more discreetly and efficiently.

“The benefits are multi-fold. You don’t have to stand in line any longer. This levels the playing field as it removes the stigma of being a recipient of government assistance. Persons no longer have to use their entire assistance. In other words, persons would have received a piece of paper, exhausted what was given and it’s over with. With Kanoo you can now use a portion of your assistance in various locations,” said Braithwaite.

Jaimie Humes, a case aide in the Department of Social Services, said: “The Department of Social Services has begun to engage in digital services. We have engaged digital wallet providers to handle our services…such as rent or food assistance at this time. By transitioning it has allowed for our clients to not have to deal with paper coupons or have to come into our offices to collect their cards or even prepaid cards.

“We are now engaging Kanoo into our food pay program and allows them the ability to use the digital gift card at any one of the selected merchants,” said Humes.… Read the rest

By Paige McCartney

Senior Business Reporter

Guardian Business

Having now expanded its merchant offerings to include AML Food Markets, Kimani Braithwaite, chief operating officer of mobile wallet provider Kanoo, said the company is making it easier for Bahamians, especially those on government assistance, to conduct safe digital transactions.

The company announced its partnership with AML Foods Limited last week, allowing customers who download the Kanoo app to pay for purchases using their mobile phones.

Braithwaite said the platform levels the playing field because it potentially removes the stigma of being a recipient of assistance from the government.

“One no longer has to use the entire assistance; in other words, you would usually receive a piece of paper, you would have to exhaust whatever is given to you, and at that point, it’s over with. With the Kanoo platform, you can now use a portion of your assistance and in more than one location; so, we truly see it as adding more value,” he said during a demonstration of the app last week.

“A lot of these people that we are assisting come from various areas of our community, and invariably, some of these people have to leave the confines of their community to go into other communities where you may find a Solomon’s or Super Value to receive assistance.… Read the rest