Antigua Breaking News

Top Trusted News Source in Antigua

Search
Previous slide
Next slide

ECCB officially launches Digital EC Dollar – DCash

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

The Eastern Caribbean Central Bank (ECCB) officially launched its digital currency -DCash on Wednesday, touting the initiative as being safer, faster and cheaper.

The four pilot countries where the public can obtain DCash are  Antigua and Barbuda, Grenada and Saint Christopher (St Kitts) and Nevis and Saint Lucia.

Speaking at Wednesday’s official DCash launching ceremony, ECCB Governor Timothy Antoine said he believes  that the digital economy is a principal pathway to socio-economic transformation and shared prosperity.

“Payments are the lifeblood of every economy,” Antoine said.

As a result, he noted that the ECCB regards the payment system as a public good.

Antoine explained that the payment system should work for all, except illicit actors.

Be part of the conversation.

Let us know what you think by adding a comment below. Click here to start now!

And he highlighted the advantages of digital cash over physical currency.

According to Antoine, unlike physical cash, people cannot steal digital cash.

“In the context of the ongoing pandemic where physical and social distancing are required, DCash offers a contactless method of payment that serves us well in our new normal,” the ECCB Governor stated.

Antoine also asserted that payments and transfers are ‘near instantaneous’- about three seconds.

In addition, he disclosed that there’s no charge for D-Cash transactions because the ECCB has made that upfront investment.

According to the ECCB Governor, the bank has been careful to imbed anti money laundering and combatting financing of terrorism protocols in the D Cash design.

He also said it incorporates industry  standards and best practices as they relate to cyber security.

The DCash pilot phase will run for 12 months.

Afterwards, the ECCU will roll the initiative out to other member states of the Eastern Caribbean Currency Union (ECCU).

The ECCB says consumers can gain access via the DCash App on their smart devices.

They may also  obtain DCash from their commercial banks, credit unions or other authorised institutions.

In addition to the payment functionalities, users of DCash can send money to friends and family who also use the DCash App.

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

Join the Conversation!

One response to “ECCB officially launches Digital EC Dollar – DCash”

  1. Antigua and Barbuda should explore the possibility of setting up its own Antigua and Barbuda Central Bank (ABCB and adopt the United States Dollar as its currency, backed up by a parallel Antigua and Barbuda Dollar. The reason for this suggestion is because Antigua and Barbuda pays too high a price for being a member of an Eastern Caribbean Economic Union (ECEU and the Eastern Caribbean Central Bank (ECCB. The reality is that Antigua and Barbuda has had the strongest economy in the Organization of Eastern Caribbean States (OECS over many decades; but has benefitted the least from the economic union.

    Or, alternatively, we can have a Leeward Islands Economic Union (LIEU and Leeward Islands Central Bank (LICB. We should also try to advance this into a Leeward Islands Federation (LIF in time to come. So, the Leeward Islands will go its own way, and use the United States Dollar, backed up by a Leeward Islands Dollar of equivalent value. The Windward Islands will then go their own way as well, and perhaps evolves into a Windward Islands Federation (WIF.

    The reasons for the proposed changes are that:

    1. Antigua and Barbuda pays too high a financial price for being a member of the Organization of Eastern Caribbean States (OECS, and its Associated Central Banking arrangements.

    2. The people of Antigua and Barbuda would enjoy a much higher level of prosperity on their own.

    This means that Antigua and Barbuda should look to throw off this financial burden once and for all. We will then enjoy the same standard of living as the British Virgin Islands and the Cayman Islands.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]