Bahamas’ Central Bank Teams with Private Sector for Digital Payments Drive

• The Central Bank of Bahamas has launched a long-awaited campaign to drive increased use of digital and online banking services by Bahamian businesses and households.
• The banking regulator, teaming with the commercial banks and private sector, unveiled its ‘Pay fast, Live digital’ campaign that will be piloted first in New Providence and then expanded to Grand Bahama and the Family Islands over the coming months.
• Denise Turnquest, Commonwealth Bank’s president and head of the industry body, the Clearing Banks Association, said the initiative will help clients who have yet to embrace digital banking become more comfortable with the transition and is not part of, or intended to achieve, the elimination of cheques as a form of payment.
• Businesses will also be educated on the cost and benefits of using digital payments versus cheques. Notably, emphasis will be set on how to do a more holistic cost-benefit analysis on digital payments versus cashing cheques, particularly around issues such as accounting and record keeping, physical safety and handling fraud.
• Further, Denise Turnquest, Commonwealth Bank’s president and head of the industry body, the Clearing Banks Association, noted that “Though the theme for this launch is ‘Pay fast, Live digital’, the future of pay is digital, but I want to allay any concerns that you may have around cash being eliminated. Of course, we are also investing heavily in ATMs and the ability for you to get access to cash without having to see a teller, and so we want you to rest assured that we will leave no one behind”.

 (Source: The Tribune)