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Merchants

Private commercial entities and others beyond the public sector and Central Bank SFIs would represent the core “business” or “B” component of digital payments. For these entities, enrolment in digital currency will always require a link between wallets and bank deposit accounts so that excess receipts can be transferred into banks. In each case, status as a business would have to be evidenced from existence on the business license register.

Why should my business become Sand Dollar enabled?

Sand Dollar 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.

  • Sand Dollar is much safer than cash. It drastically reduces the likelihood of armed robberies and theft by means of employment.
  • Sand Dollar provides a fully auditable transactions trail.
  • Sand Dollar can be accessed through a mobile phone, tablet or integrated Smart point of sale (POS) terminals that accept the digital dollar, debit and credit cards.
  • Sand Dollar provides faster settlement (payment) than debit and credit cards.
  • Sand Dollar provides the ability to transfer funds to local suppliers in seconds.
  • Sand Dollar reduces operating costs associated with cash handling and payroll management.
  • Sand Dollar is a local payments solution with lower merchant fees than other electronic payments.

How can my business get Sand Dollar enabled?

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

Merchant wallets have a holding limit of $8,000 to $1,000,000 with unlimited annual transactions. Merchant wallets must be tied to a bank account and produce the following documents during enrolment:

  • Valid business license
  • VAT Certificate

Where can I find help?

Similar to issues with your business and merchant accounts, if you experience issues with Sand Dollar 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.

Enrolment Steps

  • Choose and contact your preferred Sand Dollar enabled authorised financial institution (AFI).
  • Select from the available options. For example, business or individual, wallet limit etc.
  • Provide the requisite KYC (know your customer) information.
  • Download your selected authorised financial institution's (AFI’s) proprietary eWallet and follow their unique instructions.