The Tribune

By JEFAY SIMMONS

Tribune Reporter

jsimmons@tribunemedia.net

DARIN Bethel, president of the Andros Chamber of Commerce said that digital currency providers are the “only way forward” for North and Central Andros businesses and residents.

He explained that although many of the residents are not comfortable with using digital currency they are trying to familiarise them with the currency as it presents a better alternative than traveling to access banking services.

He said: “Majority of the people in North Andros have to leave North Andros and come to Nassau and other islands to do their banking.

“A lot of them are settled folks and they are not yet comfortable with the idea of a digital currency so I have asked them to come along and work with us here at the chamber and we’ll try do our best to get businesses on board to carry their products and to get customers more familiarised with it.”

North Andros was without easy access to cash for an “extended period of time” after the area’s sole automated banking machine (ABM) was vandalised.

Mr Bethel said the chamber is looking forward to working with digital service providers as it provides a temporary solution to their ongoing banking concerns.

He noted that local digital service providers such as Kanoo and Sand Dollar have worked with local residents and businesses to acclimate them to the currency.

He said: “It seems like it’s the only way forward for us right now, in a temporary sense, for us to work with the digital currency, so we look forward to it.

“Kanoo because of their relations to North Andros already were one of the fastest to come on board and try to establish themselves and they have established relationships and some of the businesses in the North and Central Andros.

“Sand Dollar has been able to establish themselves also by way of using it during the Crab Fest.”

Brooke Greene, central district sales manager at Kanoo, said residents have welcomed the banking alternative as they have become “frustrated” with the lack of service provided by commercial banks.

She said more businesses have come on board recently and they are excited about the prospect of reducing their reliance on fiat cash.

She said: “The response has been great for businesses and residents; they are excited about our services and are slowly but surely coming on board since our recent travels to North and Central Andros. They are most excited to know that once more merchants are activated, the need for fiat will be reduced.

“The main challenge on the island is the lack of accessibility to cash. Currently, there is only one ATM, which is not always functional and runs out of money quickly. Locals and businesses are frustrated and feel left out because they lack a sound banking system.”

She explained that in addition to digital payment Kanoo facilitates payroll services for ongoing projects in Andros.

She said: “The benefits that Kanoo can bring to the community are providing the service of accepting digital payments for merchants, providing payroll services for local businesses and businesses throughout The Bahamas that currently have projects going on in Andros, and providing peer-to-peer transfers across the platform. In addition, we provide an agency service where clients can convert their digital funds into fiat via their Kanoo wallet.”

Mr Bethel said digital service providers will give presentations at the chamber’s upcoming Economic and Investment Conclave and will encourage participants to use the currency by conducting all sales in Sand Dollar.

He said: “The conclave is also a membership drive so we will take on only Sand Dollar for our sales that day. We hope that new members will come on, using the Sand Dollar will save time and let people see how easy it is to establish a digital wallet and use the currency.

“We still have some work to do and get people on board so I hope they all participate in the upcoming conclave and further present their products because we hope to have a lot of young entrepreneurs and also a lot of the existing businesses who are looking to expand.”

The conclave is scheduled for March 13 and aims to connect local entrepreneurs with investors across several industries including fly fishing, agriculture, renewable energy, aviation and freight forwarding.