SamuelFields Consulting Group (SFCG), a private consortium of business and finance experts, launched its second monthly Webinar on May 6th as part of its Community Outreach Financial Literacy Initiative. The sold out session which attracted a crossection of Caribbean participatnts, centered on DCash, the digital version of the EC Dollar using blockchain technology. Deemed a safer and cheaper payment option, it will facilitate instantaneous, seamless transactions between customers and merchants, using an app and smartphones to make digital payments. It is the first of its type to be introduced by any of the world’s currency unions, though some individual nations have piloted similar systems.
DCash was launched on Wednesday March 31, 2021 in a year-long pilot program incorporating all eight (8) ECCU member states, the first of which currently includes the four island nations of: Antigua and Barbuda, Grenada, Saint Lucia, and St. Kitts and Nevis. DCash is currently available in Antigua and Barbuda at three financial institutions Eastern Caribbean Amalgamated Bank (ECAB), Caribbean Union Bank (CUB) and St. John’s Credit Union Antigua and Barbuda. It is also accepted by some 19 merchants throughout Antigua and Barbuda.
The theme of the webinar discussion was “Get Ready for the Future of Money: Digital Currency vs. The Mighty Dollar.” The panel comprised 4 Caribbean financial experts:
Megan Samuel-Fields – CEO and Senior Financial Coach, Samuel Fields Consulting Group
Kieran St. Omer – Coordinator for Financial Institutions and Member of the Eastern Caribbean Central Bank IECCB) FinTech Working Group
Samantha Anthony-Gore – Banking Applications Officer, Eastern Caribbean Amalgamated Bank (ECAB)
Omari Frederick – Senior Manager, Marketing and Corporate Communications, Bank of Saint Lucia Limited.
The panelists were optimistic and summarized key benefits of DCash in the move towards digital currency. In responding to a myriad of questions from the audience, they advanced that DCash will revelutionize the ECCU through three main strategies: payment system efficiency, financial inclusion by digital enablement and promoting innovation and competitiveness.
“At ECAB. we are beginning to see more interest in the many benefits of DCash since its launch a few weeks ago. We see it as providing added value to our customers by offering a faster, safer, cheaper, contactless method of payment.” said Samantha Anthony-Gore of ECAB.
“With DCash, customers now have a range of options to conduct transactions. Payments are made easier as customers can access cash from the DCash wallet, via an app which can be downloaded, customer registers at a financial institution or approved service provider, or the customer can convert funds from a bank account to DCash via online/mobile banking, or cashing in physicial notes and coins for DCash,” said Kieran St. Omer of the ECCB.
“DCash is part of a digital revolution and a departure from the traditional model of monetary exchange. It will facilitate people-to-people, people-to-business and business-to-business transfers of value, in a way that was previously not possible. It is extremely safe and will transcend national borders and redefine the ways in which payments and user’s data interact,” said Omari Frederick of Bank of Saint Lucia.
“The issue of digital currency is very new and there are many implications for how it will affect business and consumer choices for financial services, the user experience and privacy. There are so many knowledge gaps to be filled and at SFCG, we believe that everyone should have access to information and advice to make the best financial decisions. As the use of DCash continues to grow, we want to help clients overcome big financial hurdles, by taking small steps, through professional guidance and informed decisions,” said Megan Samuel-Fields, CEO.
As many question whether the dollar might face real competition as the world’s dominant currency, this free educational forum was designed to improve financial literacy by empowering citizens and residents to make smarter decisions about how they save, spend, invest and protect their money. As a Community Learning Partner, SamuelFlelds Consulting is committed to providing hands-on advice to encourage individuals and businesses to build smart financial habits, develop strategies to maintain financial stability and safeguard against negative financial effects, especially during this time of uncertainty.
About SamuelFields Consulting Group (SFCG)
Located in Antigua and Barbua, SFCG helps individuals, business owners, managers and professional organizations throughout the Caribbean, succeed in an ever-changing business environment. Offering virtual and in-person training and support, SFCG helps clients meet their strategic goals, one step at a time. This includes the Likkle by Likkle™ Financial Action Plan which offers a range of financial wellness resources to adress the complexities of the current financial climate. A dedicated team of experts provides financial planning, accounting, auditing, legal, management and marketing services. Visit:www.samuelfieldsconsulting.com.
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