NZIA Limited Identified as Preferred Technology Solutions Provider by the Central Bank of The Bahamas for Digital Currency Project
Published: Wednesday, March 5, 2019
NZIA Limited is honored to have been selected by the Central Bank of The Bahamas (“CBoB”) as the preferred technology solutions provider to architect and implement the digital fiat currency system for the Bahamas. The Bank will commence negotiations with NZIA Limited to agree the final terms and scope of the engagement.
Called “Project Sand Dollar”, this forward thinking initiative by the CBoB will implement innovative technologies to reduce reliance on cash. At a technical level, Sand Dollar promises the modernization of the country’s digital payments capabilities, the increase of transactional efficiencies and the reduction of service delivery costs. But, the real payoff is the opportunity to realize true financial inclusion for the people of the Bahamas and the many other positive outcomes that flow from that. There is so much potential to do good.
Project Sand Dollar is the product of the vision and leadership of the CBoB. The Project is ground breaking in so many ways and its potential and significance was not lost on the FinTech community - the Expression of Interest issued by the CBoB generated an overwhelming response, with thirty groups responding to the challenge.
NZIA brings together a world class team that also includes IBM and Zynesis, with decades of combined experience and know-how in robust communication networks, IoT, digital payments, and distributed ledger technologies. Our expertise comes from years of refinement in the most unforgiving of real-world project scenarios, delivering systems and products that are useable and ready to adopt.
With a “people first, technology second” focus, we have taken a practical approach to implementing digital fiat currency in order to positively impact the lives of everyday people. Our solution meshes blockchain based payment systems and cutting edge communication network technologies, to enable lightning fast transactions across domestic and cross border rails. Best of all, our system is designed to work with existing financial systems because we do not believe disruption for its own sake should be a goal when it comes to something that affects the livelihoods of people.
We are very excited to be a part of this historic project. We believe strongly that Project Sand Dollar represents a meaningful step towards realizing financial inclusion, not only for the people of The Bahamas, but one day for the billions around the world who do not have access to the financial system that some of us are fortunate enough to take for granted.