{"id":169604,"date":"2023-12-13T06:00:00","date_gmt":"2023-12-13T11:00:00","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=169604"},"modified":"2023-12-13T05:51:32","modified_gmt":"2023-12-13T10:51:32","slug":"ictp-282-building-ecosystems-to-drive-and-foster-trade-and-e-commerce-via-a-multi-tender-digital-wallet-nicholas-rees-of-kanoo-pays","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2023\/12\/ictp-282-building-ecosystems-to-drive-and-foster-trade-and-e-commerce-via-a-multi-tender-digital-wallet-nicholas-rees-of-kanoo-pays\/","title":{"rendered":"ICTP 282:\u00a0 Building ecosystems to drive and foster trade and e-commerce via a multi-tender digital wallet, Nicholas Rees, of Kanoo Pays"},"content":{"rendered":"\n<p><em>We are continuing our series on Fintech in the Caribbean region with Kanoo Pays, a \u201cNon-Bank Electronic Retail Payment Institution\u201d headquartered in The Bahamas. With Nicholas Rees, Chairman of Kanoo Pays, we discuss: How Kanoo Pays has been able to distinguish itself from other digital wallets; the current state of the fintech industry in The Bahamas; why CBDC adoption has been slow in Caribbean countries that have launched a digital currency; and what does Kanoo want to achieve in the next 3 years?<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"100%\" height=\"166\" scrolling=\"no\" frameborder=\"no\" allow=\"autoplay\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https%3A\/\/api.soundcloud.com\/tracks\/1689155094&#038;color=%23ff5500&#038;auto_play=false&#038;hide_related=false&#038;show_comments=true&#038;show_user=true&#038;show_reposts=false&#038;show_teaser=true\"><\/iframe><div style=\"font-size: 10px; color: #cccccc;line-break: anywhere;word-break: normal;overflow: hidden;white-space: nowrap;text-overflow: ellipsis; font-family: Interstate,Lucida Grande,Lucida Sans Unicode,Lucida Sans,Garuda,Verdana,Tahoma,sans-serif;font-weight: 100;\"><a href=\"https:\/\/soundcloud.com\/user-673719274\" title=\"ICT Pulse Podcast\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICT Pulse Podcast<\/a> \u00b7 <a href=\"https:\/\/soundcloud.com\/user-673719274\/ictp-282-building-ecosystems\" title=\"ICTP 282: Building ecosystems to drive and foster trade and e-commerce via a multi-tender digital wallet, Nicholas Rees, of Kanoo Pays\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICTP 282: Building ecosystems to drive and foster trade and e-commerce via a multi-tender digital wallet, Nicholas Rees, of Kanoo Pays<\/a><\/div>\n\n\n\n<p><strong>This episode is also available on <a href=\"https:\/\/soundcloud.com\/user-673719274\" target=\"_blank\" rel=\"noreferrer noopener\">SoundCloud<\/a>, <a href=\"https:\/\/itunes.apple.com\/us\/podcast\/ict-pulse-podcast\/id1373550291\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9pY3QtcHVsc2UtcG9kY2FzdC5saWJzeW4uY29tL3Jzcw\" target=\"_blank\" rel=\"noreferrer noopener\">Google Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/3d0U4ZYX80e5lenYLdzyX4\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> and <a href=\"https:\/\/music.amazon.com\/podcasts\/3f727ec1-de7d-416f-8bdc-31d9a911a09e\/ict-pulse-podcast\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon Music<\/a>!!<\/strong><\/p>\n\n\n\n<p>The use of digital payment options has been growing across the Caribbean in recent years, as cash becomes more expensive to print and manage, along with ongoing safety and security concerns in handling cash. However, the region is still largely cash-based, although, for example, the availability and use of mobile\/cellular and mobile data services have been high. As a result, digital payment adoption has not been as robust as anticipated, especially in light of how proactive Caribbean citizens have been in leveraging new and emerging technologies and digital services.<\/p>\n\n\n\n<p>Notwithstanding, there has been a growing number of digital wallets across the region, and more so in countries that have launched Central Bank Digital Currencies (CBDCs). With The Bahamas being out of the gate first, and the country\u2019s emphasis on becoming a global fintech hub, several digital wallets are operating in that market and pushing innovation.<\/p>\n\n\n\n<p>One of the leading digital wallets is CaribPay (Bahamas) Limited, more commonly known as Kanoo Pays. Launched in 2017, Kanoo Pays offers digital wallet services and is licensed by the Central Bank of The Bahamas as a \u201cNon-Bank Electronic Retail Payment Institution. However, what does that mean, and how is it improving the lives and livelihoods of Bahamians, and potentially, the wider Caribbean region? In this podcast episode, we find out.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Introducing our guest<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"666\" height=\"800\" data-attachment-id=\"169610\" data-permalink=\"https:\/\/ict-pulse.com\/2023\/12\/ictp-282-building-ecosystems-to-drive-and-foster-trade-and-e-commerce-via-a-multi-tender-digital-wallet-nicholas-rees-of-kanoo-pays\/nicholas-rees_cropped-kanoo-pays\/\" data-orig-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?fit=666%2C800&amp;ssl=1\" data-orig-size=\"666,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Nicholas Rees_cropped (Kanoo Pays)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Nicholas Rees&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?fit=250%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?fit=666%2C800&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?resize=666%2C800&#038;ssl=1\" alt=\"\" class=\"wp-image-169610\" style=\"width:305px;height:auto\" srcset=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?w=666&amp;ssl=1 666w, https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Nicholas-Rees_cropped-Kanoo-Pays.jpeg?resize=250%2C300&amp;ssl=1 250w\" sizes=\"auto, (max-width: 666px) 100vw, 666px\" \/><figcaption class=\"wp-element-caption\">Nicholas Rees<\/figcaption><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/nicholas-a-rees-oly-mba-acca-75b2546b\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong>Nicholas Rees<\/strong><\/a> is a two-time Olympian, FinTech visionary, and entrepreneur born on the Island of Grand Bahama, in The Bahamas. Nicholas serves as Chairman and Co-founder of <a href=\"https:\/\/www.kanoopays.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Kanoo Pays<\/a> (\u201cKanoo\u201d), the World\u2019s first licensed payment institution to achieve integration, interoperability, and processing of secure CBDC payments.<\/p>\n\n\n\n<p>Kanoo has now grown to become the Caribbean\u2019s leading \u201cSuper App,\u201d offering an integrated digital marketplace and wallet experience. Nicholas\u2019 vision for Kanoo is to provide true financial inclusion and empowerment by connecting the people and businesses of the Caribbean through technology. Nicholas believes in a humanistic, people-first approach to deploying technology solutions and aims to empower people to prosper.<\/p>\n\n\n\n<p>Nicholas is committed to delivering on the Kanoo promise of Security, Prosperity, Empowerment, and Convenience. Nicholas is a Chartered Certified Accountant (ACCA) with a Master of Business Administration from the University of Miami. Nicholas is also an alumnus of the Ohio State University, having graduated in 2003 with a Bachelor\u2019s degree in Financial Management and a Minor in Economics<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Insights into our conversations<\/h2>\n\n\n\n<p>Building a tech business in the Caribbean region is hard and more so when the customer base has been slow in adopting technologies critical to the business. While this challenge exists for Kanoo, like most digital wallets and fintech businesses in the region, the company is playing a longer game than most, as it is also focusing on building the ecosystems that not only underpin but also drive digital payments.<\/p>\n\n\n\n<p>The conversation with Nicholas has been enlightening not just to learn more about Kanoo, but also the thought and effort that is going into lowering existing barriers to digital payment adoption. However, it is not only about getting more users The bigger picture is seeing increased integration of digital payments and the attendant digital transformation of operations to realise more seamless transactions and processes across and between organisations.<\/p>\n\n\n\n<p>Below are key questions posed to Nicholas during our conversation.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>How would you describe Kanoo, and why was it created?<\/li>\n\n\n\n<li>There seem to be quite a few digital wallets in the Bahamas in addition to Kanoo. How is Kanoo able to distinguish itself from the pack?<\/li>\n\n\n\n<li>Tell us more about yourself, your entrepreneurial journey, and what led you to launch Kanoo.<\/li>\n\n\n\n<li>How would you describe the fintech industry in the Bahamas?<\/li>\n\n\n\n<li>One of the challenges that CBDCs across the region have been experiencing is slow adoption, which has also been the case in the Bahamas. Do you have any thoughts about why adoption has been slow, we seem far more receptive.<\/li>\n\n\n\n<li>A key reason Caribbean central banks have given for launching their CBDCs is to increase financial inclusion. How well (has Kanoo been able to be accessible and inclusive?<\/li>\n\n\n\n<li>What have been some important learnings you and Kanoo have made??<\/li>\n\n\n\n<li>What does Kanoo want to achieve in the next 3 years?<\/li>\n<\/ol>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>We would love to hear your thoughts!<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Do leave us a comment either here beneath this article, or on our&nbsp;<a href=\"https:\/\/www.facebook.com\/ICTPulse\/\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/www.linkedin.com\/company\/ict-pulse-consulting-limited\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a>&nbsp;pages, or via Twitter,&nbsp;<a href=\"https:\/\/twitter.com\/ICTPulse\" target=\"_blank\" rel=\"noreferrer noopener\">@ICTPulse<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Also, if you or a member of your network is interested in joining us for an episode,&nbsp;<\/em><\/strong><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>do get in touch<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Let\u2019s make it happen!<\/em><\/strong><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Select links<\/h2>\n\n\n\n<p>Below are links to some of the organisations and resources that either were mentioned during the episode, or otherwise, might be useful:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.linkedin.com\/in\/nicholas-a-rees-oly-mba-acca-75b2546b\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Nicholas Rees<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.kanoopays.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Kanoo Pays<\/a><\/li>\n\n\n\n<li>ICT Pulse Podcast episode, <em><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2023\/12\/ictp-281-adjoaa-taking-tech-fashion-and-sustainability-from-africa-to-the-world-with-pinaman-owusu-banahene\/\" target=\"_blank\" rel=\"noopener\" title=\"\">ICTP 281: ADJOAA, taking tech, fashion and sustainability from Africa to the World, with Pinaman Owusu-Banahene<\/a><\/em><\/li>\n\n\n\n<li>ICT Pulse Podcast episode, <em><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2022\/10\/ictp-225-exploring-crypto-isle-and-the-fintech-and-digital-assets-scene-in-the-bahamas-with-davinia-bain\/\" target=\"_blank\" rel=\"noopener\" title=\"\">ICTP 225: Exploring Crypto Isle and the fintech and digital assets scene in The Bahamas, with Davinia Bain<\/a><\/em><\/li>\n\n\n\n<li>ICT Pulse Podcast episode, <em><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2020\/09\/ictp-121-launching-a-digital-currency-in-the-caribbean-with-the-central-bank-of-the-bahamas\/\" target=\"_blank\" rel=\"noopener\" title=\"\">ICTP 121: Launching a digital currency in the Caribbean, with the Central Bank of the Bahamas<\/a><\/em><\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Images credit:&nbsp; Kanoo Pays;&nbsp; Kanoo Pays;&nbsp; Ivan Samkov (<a href=\"http:\/\/pexels.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Pexels<\/a>);&nbsp; <a href=\"http:\/\/freepik.com\" target=\"_blank\" rel=\"noopener\" title=\"\">Freepik<\/a>;&nbsp; master1305 (<a href=\"http:\/\/freepik.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Freepik<\/a>)<\/em><\/p>\n\n\n\n<p><em>Music credit: The Last Word (Oui Ma Ch\u00e9rie), by Andy Narrell<\/em> <\/p>\n\n\n\n<p><em>Podcast editing support: Mayra Bonilla Lopez<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are continuing our series on Fintech in the Caribbean region with Kanoo Pays, a \u201cNon-Bank Electronic Retail Payment Institution\u201d headquartered in The Bahamas. With Nicholas Rees, Chairman of Kanoo Pays, we discuss: How Kanoo Pays has been able to distinguish itself from other digital wallets; the current state of the fintech industry in The Bahamas; why CBDC adoption has been slow in Caribbean countries that have launched a digital currency; and what does Kanoo want to achieve in the next 3 years?<\/p>\n","protected":false},"author":2,"featured_media":169607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[355],"tags":[83,71,486,324,205,358,357],"class_list":["post-169604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcast","tag-bahamas","tag-businesses","tag-digital-assets","tag-digital-currencies","tag-entrepreneurship-2","tag-financial-technology","tag-interviews","et-has-post-format-content","et_post_format-et-post-format-standard"],"jetpack_publicize_connections":[],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/12\/Featured-Image-%E2%80%93-Kanoo-Pays-Nicholas-Rees.jpg?fit=1024%2C576&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p2iE1G-I7y","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/169604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/comments?post=169604"}],"version-history":[{"count":5,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/169604\/revisions"}],"predecessor-version":[{"id":169618,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/169604\/revisions\/169618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media\/169607"}],"wp:attachment":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media?parent=169604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/categories?post=169604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/tags?post=169604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}