The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A BAHAMIAN digital payments provider yesterday said it has processed more than $200m in transactions since its launch after expanding to a 35,000- strong user base.

Jevon Butler, Kanoo’s chief sales officer, speaking at a forum organised by the Small Business Development Centre (SBDC), said: “When I checked this number yesterday morning, we are almost at 35,000 active users in the Kanoo ecosystem, which will be 10 percent of the population or just less than that.

“We have over 400 active merchants throughout the entire Bahamas, and these merchants also include agents in New Providence, Grand Bahama, Exuma, Long Island, Andros and I think we even have an agent in Inagua.”

The “agency model” is featuring prominently in Kanoo’s roll-out because it allows recipients of payments and cash transfers to collect physical currency from a partner merchant on his or her respective island.

With the Central Bank digital currency, the Sand Dollar, making this process easier, Mr Butler said: “I’m always proud as a Bahamian that Sand Dollar was the first Central Bank digital currency in the world…

“The Central Bank digital currency is legal tender. There is no difference between you having physical cash in your wallet or purse and having the Central Bank digital currency stored in one of the mobile wallet providers’ platforms. The digital currencies allow you to move funds between peers at the speed of light, and then transact with any of those merchants who accept those funds.”

Kanoo was launched in Freeport in 2018, and is licensed by the Grand Bahama Port Authority (GBPA). For customers it offers an “integrated digital wallet, integrated payment framework, integrated point of sale system along with integrated message board communication capabilities”.

Mr Butler added: “We have three components to our platform. There is the Kanoo wallet. Then we have the Kanoo arm account, what we call the audience relationship manager account. That will be the merchant’s online account. That accessibility is only granted at the merchant, just like having an online commercial bank account.

“You are able to log into that account, look into transactions to move funds from your digital wallet to the bank account of record that you provided us upon signing up, as well as use the marketing platforms and the marketing components that are offered in our ecosystem. Then we also have payment processing.”