NASSAU, BAHAMAS — On many of the family islands where there is limited to virtually no commercial banking presence, businesses are turning to approved digital payment solutions providers and utilizing the SandDollar as a means to quickly, safely, and efficiently process payroll and make necessary purchases.
Portland Bain, Chief Financial Officer at Kamalame Cay, who runs a cashless system at the luxury private island destination situated off the coast of Andros, says that roughly 30 percent of the 250 employees on payroll receive their salary in SandDollars.
"It prevents mishandling and theft, enhancing security when it comes to financial transactions. We will use any technology-based product we can. At this time, we have a grasp on the SandDollar through SunCash. As a young Bahamian, I would like to promote things that are Bahamian, and the SandDollar is our thing," says Bain.
The SandDollar is the digital version of the Bahamian dollar and is issued by the Central Bank of The Bahamas through several authorized institutions (AFIs) like SunCash.
Bain further explains: "I can still use the banks where I have my payroll system set up and make the transfers just by adding the SandDollar wallet account number - it looks no different from a regular bank account number. It's a seamless process. The fees still exist, but it makes it easier for my employees to receive their funds here in Andros, where we don't have a commercial bank at all. SunCash provides us with a 'bank in a box,' so to speak, which is basically whatever we can think of when it comes to a bank. Everything except for loans, we can use SunCash and SandDollar for."
He adds: "I want to push the uptake of it even more and get most of the vendors on the island utilizing it. Once they see and understand how quick and easy the transfers can be, we will see even more usage."
Utilizing SandDollar with SunCash, Bain says that salary payments for those who have opted to receive SandDollar are received in two to three hours as opposed to the following day for those who do not use that option.
"What SandDollar and SunCash provide is digital payments and money transfers. Even if I am set up with regular banks in Nassau, once I make sales, I could still set up our SandDollar wallet so that it deposits into my regular commercial bank account. I could still hit up vendors like BFS Sysco, Solomons, and Caribbean Bottling, and make that direct deposit transfer so my items can get on the next mail boat without me having to go in there and move cash around. There is nothing but upside when it comes to the use and adaptability of SandDollar. We are using it, and it's working."
Owen Rahming, a Kamalame Cay employee, says that receiving his salary in SandDollar is easier and better for him.
"Since before the COVID pandemic, I signed up for it because that was a tough time and made it a lot easier to get funds. Now that COVID is over and we are back to somewhat normal, getting paid that way is still easier and better for me. More and more of the vendors are accepting SandDollar, so that is good for us as we don't have a bank set up. If we want to pay our bills, BPL or BTC, it's a lot easier."
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