Kanoo becomes first AFI with Sand Dollar digital currency interoperability
NASSAU, BAHAMAS — Five months after the Central Bank of The Bahamas officially launched the Sand Dollar, local authorized financial institution (AFI) Kanoo has become the first financial institution in the world to have it completely integrated into its system, allowing for interoperability.
Company officials believe this capability proves its commitment to ensuring all Bahamians have access and the ability to transact using Sand Dollars.
Kanoo Chairman and Co-Founder Nicholas Rees said this offering is not only something Bahamians can be proud of but one they can all benefit from no matter where they live.
“This milestone sets the foundation for an open digital payment system and framework for Sand Dollar adoption nationally,” he revealed.
“Kanoo merchants and users were the world’s first to be enabled with direct access to Sand Dollar transactions and accounts through Kanoo’s app and business services. Our users can now transact those Sand Dollars with any other Sand Dollar user outside of the Kanoo ecosystem, including customers of any other authorized financial institution.”
The Central Bank launched its Sand Dollar initiative in December 2019 on Exuma. Since then, Kanoo has been committed to fully integrating Sand Dollars throughout the entire ecosystem, beginning with merchants receiving Sand Dollar payments.
Central Bank officials mandated all AFIs to completely integrate their systems before the end of the first quarter of 2021.
Kanoo Chief Executive Officer Keith Davies said the company is pleased to fulfill that promise while marking another significant technological step in the evolution of Kanoo’s fintech journey.
According to Davies: “We are pleased to be a leader in the field of CBDC integration and deployment, and we look forward to introducing all merchants and consumers in The Bahamas to this wonderful financial tool in conjunction with the Central Bank of The Bahamas.”
Chairman Rees called this latest milestone a proud one for the Kanoo team and a game-changer for The Bahamas.
“For our team, this is certainly one of our proudest moments; however, we have a lot more development envisioned around the Sand Dollar and digital technology offerings,” he said.
“The world is watching The Bahamas closely as we build out the infrastructure and best practices for CBDC adoption globally.
“We are now planning our strategy for the next phase of the Sand Dollar evolution, giving users the ability to move funds in and out of their bank accounts to their Sand Dollar ledgers using the ACH system. This represents a significant game-changer for Bahamians and CBDC as a whole.”
Officials at Kanoo said they look forward to replicating what they have done with CBDC in The Bahamas throughout the Caribbean. They believe it will be the natural step in the company’s evolution.