According to the Central Bank of The Bahamas there was a 15.9% rise in the use of credit and debit cards to carry out business transactions in 2024 reflecting a $2 billion increase compared to 2023.
Governor of the Central Bank, John Rolle said, “what we’re seeing in the data is that Bahamians are finding the opportunity to use electronic means of payments more and more and that is partly a reflection of the fact too that more and more businesses are equipping themselves to receive payments digitally.”
In 2024 there were 28.7 million debit card transactions valued at $4.1 billion up from $2.7 billion in 2023. Credit card transactions increased by 28.5% to $1.8 billion.
Rolle said the Central Bank is committed to educating the public on digital banking. “We’re very focused on public education because a part of giving people the confidence to do transactions digitally is also the education to know how to do so in a safe way. So there are some very important safeguards that you want to encourage people to observe as they engage in more digital transactions.”
