The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A digital payments provider says COVID-19 accelerated the industry’s growth because it created a “captive audience” for its services.

Keith Davies, Kanoo’s chairman and chief executive, told the Nassau Technology Summit that the global pandemic forced consumers to adopt new technology and methods of conducting business faster than otherwise might have occurred.

Noting that the Central Bank of The Bahamas has been leading the way with the Bahamian digital currency, the Sand Dollar, he added: “The Central Bank digital currency is world class. It is the first in the world of its kind.”

Building on that platform, Mr Davies said he does not now want to do business with anyone who is not using some form of digital payment system.

Remarking on Kanoo’s success to-date in facilitating digital cash transfers, he added: “You can start doing transactions using your phone, or using some digital wallet. We’re not talking about traditional with money, cash in hand, money in the bank. We are the exact opposite. All you need is your ID and you download the app. That’s it.”

Kanoo has grown to over 20,000 users, Mr Davies said, with that number continually growing by the day. “What we had with COVID-19 was a captive audience. Our services were different but, most importantly, we completed it. So even though our technology was new, we were successful,” he added.

Kimwood Mott, the Central Bank’s project manager for Sand Dollar implementation, added that businesses operating with cash in today’s economic climate only carry additional costs and have to be concerned about security.

Championing the growth of digital payment providers such as Kanoo, and their integration - together with the Sand Dollar - with standard commercial banks, he said: “The financial system integration allows people who have wallets to seamlessly transfer funds between their commercial banks.

“This makes mediation, and the redemption process, a lot smoother. You want to try to make some sort of digital products or services available 24/7. As I said, it is the fastest form of payments.”