The Tribune

A Bahamian digital finance provider addressed the Global Central Bank Digital Currency conference last week almost seven years after it facilitated this nation’s first Sand Dollar transaction.

Suncash, in a statement, said that purchase of a chocolate bar was the beginning of a journey that took it to the Amsterdam event. That transaction involved one of its customers acquiring the treat from a store in Exuma, another of its clients, and Suncash’s progress since then - and its role in the digital finance roll-out - took its principal and director of business development to the Netherlands.

“Things have changed a lot since that first purchase,” said Shawn Smith of that 2019 transaction. “At the time, especially in the Family Islands and areas where there was a shortage of ATMs, it could be a real challenge for people.

“To pay someone for fish could take a long time while the fisherman sent the fish to the buyer, then the buyer sending the money back to the fisherman – and all that time waiting for him to be able to use that money to pay for fuel to go out on the next trip, for example.

“Or you would have people who would come to an island and they would have to carry thousands of dollars in cash because they weren’t sure if they would be able to access a bank at their destination. Being able to pay safely and quickly digitally has made a real difference with that, and the audience at the conference were amazed at how much we have been able to do to make that a reality.”

The Sand Dollar’s first two years were a real challenge, Mr Smith admitted, as people got used to the idea of dealing with their finances online via The Bahamas’ Central Bank-backed digital currency and trying out new services.

However, recent years have seen Sand Dollar and digital finance usage grow and grow, with Suncash now possessing 15 stores, 150 kiosks and ATMs and more than 100,000 active users. Apple Pay has now been added to the list of services that can connect to the Sand Dollar. 

“The conference attendees were impressed by how much progress we have been able to make in helping people in areas that previously struggled with bank access and giving them another way of being able to buy and sell,” said Mr Smith.

“It was wonderful to be invited to speak, because we are one of the leading innovations companies in the world now in producing financial inclusion, and others are looking to do what we have already done. Most importantly, what that means for customers is they have access that they did not previously have, and for the customer that means being able to move their money more quickly and safely.”

The Global Central Bank Digital Currency Conference is an event that brings together central bankers, policymakers and innovators from across the world to discuss the future of banking and digital currencies. In 2025, it was held in The Bahamas, while this year it was held in Amsterdam in the Netherlands from October 27-29.

Organisers said this year’s event came at a time when digital currencies are “undergoing a profound transformation”, and when digital currencies “are redefining the financial landscape”.

Mr Smith said the cost of transactions are often less with Suncash, asserting that these can be under 2 percent, which is often less than the cost associated with credit card transactions or with moving cash around securely. He said it also made a difference for smaller transactions. 

“It allows people to get on the digital system without the headache of filling in Know Your Customer (KYC) forms. For smaller bills, you can simply sign up and pay,” said Mr Smith. “Then, as you get used to the platform, you can add those bigger bills as well once you are used to the service.”

“We are the first company to have a presence in every single island in The Bahamas, and our service is now able to send or receive payments from 180 countries around the world.

“We’re solving customers’ problems. We’re also saving them time – they don’t need to go out to the bank and fight through traffic. They can handle many of their financial needs right from their own home. It makes it convenient, and even when there are power outages or Internet issues, transactions can be processed offline.”

Mr Smith said he hopes the company’s attendance at the conference will inspire other countries to follow in the footsteps of The Bahamas, as well as opening up opportunities for partnerships and new business.