NASSAU, BAHAMAS — The Central Bank has confirmed that three additional financial institutions have been authorized to distribute the Sand Dollar and have earned the designation of authorized financial institution (AFI).
According to the financial services regulator, Bank of The Bahamas and the Teachers and Salaried Workers’ Cooperative Credit Union are the first clearing bank and credit union authorized to participate in the Sand Dollar space. Both institutions will use the Sand Dollar app.
Island Pay, a payment services provider, has also met the requirements to offer Sand Dollar services through a mobile application, the Central Bank noted.
“These three institutions are finalizing internal procedures and will begin offering Sand Dollar services to the public within the first or second quarter of 2021,” said the regulator.
The Central Bank noted that recent surveys indicate the public requires assurances around the safety of conducting online transactions.