Individual

The general public is intended to mean individuals (retail level “peers” or “P”) as originators or recipients of digital payments. It could also include sole proprietors who operate as micro and small businesses, provided that the volume and profile of their transactions do not single them out as businesses. Whenever the active transactions profile distinguishes a wallet holder as a potential commercial operator, the Central Bank will require the financial intermediary to undertake the due diligence to enrol the wallet as a business operated account; or through the due diligence process, document the affirmation that the account is non-commercial.

Why should I use SandDollar?

SandDollar is the digital version of legal tender (cash) issued by the Central Bank of The Bahamas. Like cash, you keep Sand Dollar in a wallet, a digital wallet.

• SandDollar is much safer than cash. If your purse or wallet is lost or stolen, your cash is gone forever. However, if your mobile phone is lost or stolen your SandDollars are safe because they are not stored on the device.
• SandDollar provides an excellent record of income and spending, which can be used as supporting data for micro-loan applications.
• SandDollar can be accessed flexibly with either a mobile phone application (iOS and Android) or using a physical payment card to access your digital wallet.
• SandDollar presents zero transaction fees for individuals.

How can I get a SandDollar Wallet?

The Central Bank of The Bahamas has built the infrastructure, technology and regulatory framework for its central bank-issued digital currency (CBDC) called SandDollar. The Bank’s supervised financial institutions are authorised SandDollar agents and can enrol customers through their tailored applications (digital wallets). For a list of SandDollar authorised financial institutions (AFIs) please click this link.

There are two tiers of individual wallets available:

Tier I

• $500 eWallet holding limit, with a $1,500 monthly transaction limit.
• Government-issued identification is not an enrolment requirement.
• Cannot link to a bank account.

Tier II

• $8,000 eWallet holding limit, with a $10,000 monthly transaction limit.
• Government-issued identification is required for enrolment.
• Can be linked to a bank account.

Where can I find help?

Similar to issues with your bank account, if you experience issues with SandDollar you should contact your service provider. If you do not receive satisfactory resolutions, a formal complaint should be submitted to the Central Bank of The Bahamas. For a list of authorised financial institutions (AFIs), please click this link.