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SunCash accounts top 85,000, digital provider with 200+ ATMs and kiosks delivers payment solutions to every island for total financial inclusion 1st time in Bahamian history

Thu, Jul 3rd 2025, 04:17 PM
Business Finance

In a few weeks, every individual in The Bahamas, regardless of where they live or whether there is a bank or not, will have equal opportunity to handle their financial transactions and obligations, thanks to the rapid expansion of a digital payment solutions provider.

The news came in a statement today from SunCash, a company launched in 2017 to provide an answer to the problem of how to ‘bank’ in places where there are no brick and mortar institutions or ATM facilities.  

“As we mark our eighth anniversary this month, we are extremely pleased to report that the number of SunCash accounts now tops 85,000,” wrote Shawn Smith, principal and director. “That number is not just about our success as a provider – it is a reflection of the need for a solution to the problem of how to conduct your financial affairs if you live on an island where banking facilities are scarce or non-existent. For those of us in New Providence or Grand Bahama, we don’t stop to think about what it is like to conduct the simplest of transactions, paying a BPL bill for instance, or depositing wages. But for those living in Acklins, Mayaguana, Inagua, even closer to home in Andros or the Berry Islands,  seemingly routine obligations can be complicated, challenging and often expensive.”

The challenges can be even greater, said Mr. Smith, in cases of a medical emergency or natural disaster where cash is needed urgently.

“Sometimes those challenges can be life-threatening,” he added. Even routine matters pose challenges on those islands where banks either never established a presence or pulled out as several have in recent years.   

For decades, residents of remote islands have had to organize the equivalent of a money posse, sending a trusted member of the settlement to Nassau carrying envelopes of money to pay bills for residents back home, or deposit wages or shop revenue into a bank account in the capital.

“The struggles associated with that kind of financial exchange are not only slow and inconvenient, they put the individual carrying the money at risk for their safety. In an age when the ability to conduct transactions digitally is at our fingertips, burdening someone to transfer cash makes no sense,” Smith said. “It is too great a risk, too slow a solution, too inefficient and expensive as the carrier of the funds has to be paid for not only the bank deposit or withdrawal but for the act of taking money around to pay bills for community members.”

So while the number of accounts is impressive, he notes, SunCash is calling financial inclusion and empowerment the real story of its success.

“SunCash is now on every island in The Bahamas with any population over 50 persons with the exception of Acklins and we are only waiting for the mailboat to be back in the water to deliver the equipment that is ready to go to Acklins,” Smith said. “Then, for the first time in Bahamian history, there will be full financial inclusion for every resident whether they live in the heart of Nassau or the most remote corner of Mayaguana.”

SunCash, which is regulated by The Central Bank, was the first digital payments provider to offer full payroll services in SandDollars, the official digital currency of The Bahamas. That service was immediately grabbed by the upscale Kamalame Cay Resort in Andros whose owners said it transformed a monthly payroll hurdle into a smooth process as convenient as it would be in a city with full banking facilities. The availability of a digital solution came at a time when the banking presence in Andros went from limited to non-existent as the last bank pulled out.

SunCash operates 15 storefronts and a network of more than 200 ATMs and kiosks with services that include deposits and withdrawals, payments to individual beneficiaries, sending money to relatives abroad, paying insurance premiums or tuition, creating automatic payments. The firm is establishing more partnerships with government departments to allow individuals to pay for numerous essential services through SunCash.

In a few weeks, every individual in The Bahamas, regardless of where they live or whether there is a bank or not, will have equal opportunity to handle their financial transactions and obligations, thanks to the rapid expansion of a digital payment solutions provider.
The news came in a statement today from SunCash, a company launched in 2017 to provide an answer to the problem of how to ‘bank’ in places where there are no brick and mortar institutions or ATM facilities.  
“As we mark our eighth anniversary this month, we are extremely pleased to report that the number of SunCash accounts now tops 85,000,” wrote Shawn Smith, principal and director. “That number is not just about our success as a provider – it is a reflection of the need for a solution to the problem of how to conduct your financial affairs if you live on an island where banking facilities are scarce or non-existent. For those of us in New Providence or Grand Bahama, we don’t stop to think about what it is like to conduct the simplest of transactions, paying a BPL bill for instance, or depositing wages. But for those living in Acklins, Mayaguana, Inagua, even closer to home in Andros or the Berry Islands,  seemingly routine obligations can be complicated, challenging and often expensive.”
The challenges can be even greater, said Mr. Smith, in cases of a medical emergency or natural disaster where cash is needed urgently.
“Sometimes those challenges can be life-threatening,” he added. Even routine matters pose challenges on those islands where banks either never established a presence or pulled out as several have in recent years.   
For decades, residents of remote islands have had to organize the equivalent of a money posse, sending a trusted member of the settlement to Nassau carrying envelopes of money to pay bills for residents back home, or deposit wages or shop revenue into a bank account in the capital.
“The struggles associated with that kind of financial exchange are not only slow and inconvenient, they put the individual carrying the money at risk for their safety. In an age when the ability to conduct transactions digitally is at our fingertips, burdening someone to transfer cash makes no sense,” Smith said. “It is too great a risk, too slow a solution, too inefficient and expensive as the carrier of the funds has to be paid for not only the bank deposit or withdrawal but for the act of taking money around to pay bills for community members.”
So while the number of accounts is impressive, he notes, SunCash is calling financial inclusion and empowerment the real story of its success.
“SunCash is now on every island in The Bahamas with any population over 50 persons with the exception of Acklins and we are only waiting for the mailboat to be back in the water to deliver the equipment that is ready to go to Acklins,” Smith said. “Then, for the first time in Bahamian history, there will be full financial inclusion for every resident whether they live in the heart of Nassau or the most remote corner of Mayaguana.”
SunCash, which is regulated by The Central Bank, was the first digital payments provider to offer full payroll services in SandDollars, the official digital currency of The Bahamas. That service was immediately grabbed by the upscale Kamalame Cay Resort in Andros whose owners said it transformed a monthly payroll hurdle into a smooth process as convenient as it would be in a city with full banking facilities. The availability of a digital solution came at a time when the banking presence in Andros went from limited to non-existent as the last bank pulled out.
SunCash operates 15 storefronts and a network of more than 200 ATMs and kiosks with services that include deposits and withdrawals, payments to individual beneficiaries, sending money to relatives abroad, paying insurance premiums or tuition, creating automatic payments. The firm is establishing more partnerships with government departments to allow individuals to pay for numerous essential services through SunCash.
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