On a Mission to Position The Bahamas as a Global Leader in Digital Currency!
The Bahamas, like many small island nations, faces a unique challenge in the rapidly growing world of finance: how to modernize its financial infrastructure while maintaining economic sovereignty and improving the lives of its citizens. Meet Keith Davies, CEO of Kanoo Pays, a visionary leader who has made it his life’s mission to solve this complex puzzle.
Keith, a veteran in the Bahamian financial industry, has devoted his expertise to transforming the nation’s financial framework. His efforts are driven by a commitment to preserving economic independence and improving the well- being of the Bahamian people.
As CEO of Kanoo, he has led the integration of the nation’s first Central Bank Digital Currency (CBDC)-enabled payment services into the company’s platform. By working closely with the Central Bank of The Bahamas and other financial institutions from the start, this initiative is revolutionizing how Bahamians manage their finances, contributing to a more inclusive and progressive economic landscape.
This groundbreaking initiative is just the latest in his long career of financial innovation. For decades, he has been the driving force behind The Bahamas’ financial evolution. His fingerprints can be found on virtually every major development in the country’s financial sector, from crafting the regulations that govern the securities industry to building the nation’s stock exchange.
Keith’s journey is an example of his commitment to progress. He has been instrumental in developing the clearing and settlement systems for capital markets and creating the government’s trading platform. Each step of his career has been marked by a dedication to pushing boundaries and embracing new technologies.
But it’s his work with Kanoo that truly showcases his vision for the future. By embracing CBDC technology, he’s not just keeping The Bahamas relevant in the global financial conversation; he’s positioning the country as a potential leader in the digital currency space. This move could have far-reaching implications, not only for The Bahamas but for small nations worldwide grappling with similar challenges.
For him, this isn’t just about technological advancement or keeping up with global trends. At the heart of his work is a deep-seated desire to improve the lives of his fellow Bahamians. He sees financial innovation as a means to an end—a way to create more opportunities, increase financial inclusion, and boost economic growth in his homeland.
As Kanoo continues to roll out its innovative payment solutions, the eyes of the financial world are on The Bahamas. With Keith at the helm, this small island nation is poised to make a big splash in the future of finance. His blend of regulatory expertise, innovative spirit, and commitment to social good makes him a unique figure in the world of finance.
Davies’ story is a powerful reminder that, with the right leadership and vision, even the most daunting challenges can become opportunities for groundbreaking innovation. As The Bahamas steps into the spotlight of the global financial stage, it does so with a leader who understands that true progress is measured not just in technological advancements but in the positive impact on people’s lives.
Below are the interview highlights:
Please tell us about yourself and what inspired you to join this sector.
My career is a testament to my passion for innovation and growth. I’ve played a pivotal role in shaping the regulations that have propelled the securities industry and The Bahamas’ Stock Exchange to their current reputable status. I’ve also made significant contributions by building our capital markets clearing and settlement systems and creating the government’s trading platform. I also launched the first Central Bank Digital Currency (CBDC)-enabled payment service provider in the country.
The inspiration came from the opportunity to work on transformative projects that improve the lives of Bahamians. It was a natural progression for me to take on these challenges and give my best to achieve our goals.
Can you give our readers an insight into your company and its inception story?
Kanoo is a digital payment service provider licensed by the Central Bank of The Bahamas. Our digital wallet allows merchants and consumers to transact digitally based on the core values of security, prosperity, empowerment, and convenience.
Our inception began when our chairman, Nicholas Rees, introduced me to a technology contact in 2016 or 2017. We quickly started discussing what we could achieve and began developing a project plan. Nicholas and I worked closely, putting together the pieces to bring Kanoo to life. Since then, we’ve been working hand in glove, and the rest is history.
What motivates you to lead and inspire your team towards achieving business goals?
As a servant leader, I measure my success by the success of those in my charge. I take responsibility when things go wrong and uplift my team when things go right. My focus is on learning and improvement, encouraging my team to see mistakes as opportunities for growth. It’s about continuous progress and helping others recognize and achieve their potential. I find joy in seeing others succeed and exceed their own expectations.
How do you balance short-term success with long-term success?
In this business and many others, it’s a marathon, not a sprint. While quick eruptions of energy are sometimes needed, it’s essential to focus on your ultimate goal and work backward from there. Balancing short-term success with long-term sustainability requires consistent, positive steps.
Short-term wins and losses are less important than maintaining steady progress. Failures are part of the learning process, and recognizing fleeting opportunities is crucial. Staying grounded and understanding both short- term and long-term goals is key to a successful business strategy.
Can you share a significant challenge you have faced as a business leader and how you overcame it?
I had to pivot a struggling business model early in my career after raising substantial capital. Due to various missteps and uncontrollable factors, we faced financial trouble. I had to quickly change our core business elements—staff, practices, products, services, and technology—to make it work.
My priority was ensuring my team’s success, helping them find new positions, and taking care of them. This approach paid off, as former employees continued to support the business.
Overcoming this challenge required hard work, dedication, focus, and the ability to pivot. I implemented a long-term, goal-oriented plan, staying focused despite the normal business cycle’s ups and downs.
How do you foster a positive and inclusive work environment in your organization?
Leadership sets the tone for an organization. If leaders aren’t positive and inclusive, it affects everyone. I believe in practicing what I preach, always looking for the best in my team, and never blaming them for honest mistakes. As long as something isn’t intentionally illegal or harmful, I see it as a job well done. I demonstrate this through my work ethic and expect the same from my executives, ensuring that it permeates the organization.
What role does innovation play in your business’s growth and success?
Innovation drives our business growth and success. In fintech, we solve problems by providing what people want, not what we think they need, and by approaching them in an inviting way. We meet people where they are and guide them to where they want to be.
At Kanoo, we aim to move at the speed of life, whether walking, jogging, or running, providing tools that make life easier. Innovation is crucial, so we constantly think about what’s next and how to improve. Our goal is to offer solutions that people find essential and can’t do without.
How do you adapt your leadership style to different personalities and work styles within your team?
I insist on hiring people smarter than me with different personalities and leadership styles. Bringing in diverse perspectives prevents failure and promotes growth. In The Bahamas, we compare this to a mixed conch salad, which is delicious because of its variety.
We want team members to embrace change, be scrappy, shake things up, and think outside the box. My leadership style is welcoming and encourages individuality, allowing ideas from the left field to thrive. This approach makes us a stronger organization.
Can you discuss a time when you had to make a difficult decision as a business leader and what factors influenced your decision-making process?
I once had to make the difficult decision to scale down operations at a company I was leading. Although it was hard to send people home, I understood that the business needed to survive to eventually grow and help more people. I balanced business needs with personal care, ensuring that employees were supported as they transitioned away.
As a leader, you must sometimes make unpopular decisions to protect the future of the business, staying true to the principles that guide you. This commitment helps you navigate tough choices, knowing it’s for the greater good.
What do you measure to measure the success of your business, and what metrics do you focus on?
In business, the primary goal is profit. As CEO, my role is to safeguard a positive return on investment for our investors and shareholders. Achieving this requires good business practices, corporate governance, and delivering a high-quality product at a competitive cost. Our product must be sleek, scalable, and meet market needs. We also need a skilled, motivated team. By focusing on these elements, we aim to generate profit and drive business growth.
What advice would you give to aspiring businesses that want to make a positive impact in their industry?
Good work can be hard, but working smart is key. Working for yourself means longer, harder hours, but it’s rewarding when your efforts benefit you directly. Focus and discipline are essential. Your vision is unique, and not everyone will see it right away. You must clearly communicate your vision to others so they can adopt and support it.
At Kanoo, we’re committed to giving people the ‘Power to Prosper’. When I talk to businesses about becoming merchants, they quickly grasp and feel our vision.
Many have told me, “I’m sold. I want to be part of this,” within minutes. This emotional connection makes it easy for them to join us. When people are sold on your vision, delivering services becomes effortless, as they are eager to be part of what you’re doing.