Founded in 2008, The Bahamas Automated Clearing House (BACH) was the first step into the world of digital payments, dramatically reducing time for settlement of cheques from days to as fast as overnight. BACH is owned by the clearing banks and it is our mission to act in their best interest to serve their customers and/or shareholders. We continue to set the pace for financial transactions, advocating for the use of technology along with industry collaboration in all we do.
For more than 100 years, The Bahamas Chamber of Commerce has served as the voice of the business community; our advocacy directly impacts national policies and promotes good governance that drives growth and prosperity in our business environment. We believe in and stand firmly behind ‘Live Digital’. Digital pay processes will allow for continued progression and modernization within our great country.
Created by legislation following the independence of The Bahamas, The Central Bank serves as the regulatory body for all banking and financial institutions in The Bahamas. While its role involves maintaining stability and adequacy in banking, it has often taken the lead in modernization of payment solutions and financial transaction processes. Central Bank introduced the first government-backed digital currency, the Sand Dollar, in 2022, making it a global leader in the growing market of digital payments.
The Clearing Banks Association is made up of all the commercial banks of The Bahamas serving the domestic market. The association provides a forum for the providers to exchange information, share concerns, discuss market and economic factors and assess positioning in ever-changing currents. The end goal is to allow financial providers to better serve their customers, meet national needs, contribute to economic growth and development through constant modernization and help to retain customer trust and loyalty.
Created as a convenient means for union members to transact financial business, meeting obligations, or lending and borrowing, credit unions became an increasingly popular alternative to traditional banking, especially for those who identify with the professional or trade union that provides them with a sense of security in non-banking areas. Credit unions are among those who eagerly embrace the live digital motto, understanding real-time solutions are faster, safer, greener.
Electronic Money Service Providers lead the movement toward real-time payment solutions, providing digital wallets and allowing residents to grasp and embrace the live digital platform. Although competitors, each with its own pricing, incentives, rewards or value-added benefits, each offers a platform serving the banked, underbanked and unbanked in both domestic and international payments. Electronic money service providers, like clearing banks, are regulated by The Central Bank of The Bahamas.
Perhaps no single stakeholder in the financial services sector has greater opportunity for digital interaction with citizens, residents or potential investors than the Ministry of Finance. From an individual’s declaration and payment of Customs duties or Real Property Tax to applying for a business license or seeking Bahamas Investment Authority approval for a major infrastructural, resort or manufacturing investment, the Ministry of Finance is pivotal in the personal and business conduct of daily life, embracing digital systems for financial inclusion, cost-effectiveness, and enhanced access for all.
