The Bahamas has not made sufficient progress in advancing digital payments, despite millions of dollars invested by private companies to develop platforms and services aimed at expanding financial inclusion, according to a consultant in the digital payments space.
Jeffrey Beckles, told Eyewitness News that companies invested heavily in developing, testing and launching digital payment solutions after responding to the government’s invitation to participate in the sector.
He said those investments were intended to improve access to financial services, particularly for unbanked and underbanked communities, while helping to modernize the way businesses and consumers conduct transactions.
However, Beckles said the country has not advanced at the pace expected despite the significant resources committed by private sector companies.
“The truth is, from a digital payments standpoint, the country really is no closer than it was 10 years ago,” Beckles said.
He said companies invested millions of dollars developing platforms, but questioned the progress achieved after those investments.
“Because the truth is, there’s a whole lot of money that was spent developing these platforms and trying and testing all this other stuff,” Beckles said.
Beckles said the slow pace of adoption influenced his decision to move away from the operational side of digital payments and focus on consultancy.
He also pointed to the SandDollar, the Central Bank’s digital currency initiative, saying while it was designed to support financial inclusion, greater effort is needed to encourage wider adoption.
“The country’s digital adoption is basically the same as it was years ago,” Beckles said.
Beckles warned that as the global economy continues shifting toward digital transactions, The Bahamas must accelerate its digital transformation efforts.
“We know that cash management and cash handling is going to eventually go away,” he said, adding that the country must prepare businesses and consumers to participate in the global digital economy.
