Republic Bank (Grenada) First Local Commercial Bank To Launch ECCB Digital Currency Closed Pilot

St. George’s, Grenada; February 24, 2021: Republic Bank is pleased to announce that is has successfully tested its first Digital Currency (“DCash) transaction.

The operation signified the start of a closed pilot launched by the Eastern Caribbean Central Bank (“ECCB”) as it prepares to introduce this innovative, digital payment method to its Eastern Caribbean Currency Union (“ECCU”) member states.

The first transactions were successfully completed by two of the Bank’s staff at Foodland on Kirani James Boulevard on Friday, February 19, 2021. Grenada is among four of eight ECCU territories selected for the pilot project, with Republic Bank being one of four participating local financial institutions.

Commenting on this ground-breaking event, Managing Director of Republic Bank (Grenada), Keith Johnson remarked: “I am elated that we have reached this milestone in our history. The success of this pilot means that soon banks and other financial institutions across the region can offer this payment solution to consumers as a faster, cheaper, safer alternative to pay for goods and services. Our staff has been working along with the ECCB over the past months and we are extremely pleased with the results today”.

Republic Bank commends the ECCB on this initiative which soon will give consumers the option to use digital cash to pay for goods and services, using their smart phone devices.