CASTRIES, St. Lucia, CMC—The St. Lucia authorities says it can start distributing point-of-sale machines to micro, small, and medium-sized enterprises (MSMEs) on Monday underneath an initiative being undertaken in collaboration with the Group of American States (OAS).
The Ministry of Commerce, Manufacturing, Enterprise Improvement, Cooperatives, and Shopper Affairs mentioned that the machines are being distributed underneath the St. Lucia Digital Enhancement Programme, an OAS-funded venture encouraging MSMEs to combine e-commerce capabilities into their mainstream operations.
“This additionally marks the fruits of the two-year program, having met its goals of figuring out and enhancing native e-commerce platforms to be used by the St. Lucian public, strengthening the digital presence of MSMEs by the usage of new and present software program functions and technological instruments to facilitate their digital transformation, growing the attention and connectivity of at the very least 150 MSMEs to e-commerce platforms, and enhancing the visibility and gross sales of the recognized ICT platforms and beneficiary MSMEs,” the ministry mentioned.
These measures are designed to reinforce the operational effectivity of MSMEs by enabling them to transact enterprise on-line and settle for a number of types of cost, together with credit score and debit playing cards.
“MSMEs now can enhance their gross sales income and successfully broaden their market attain and buyer base. This initiative has additionally resulted within the monetary inclusion of many small companies, beforehand excluded from the formal banking system attributable to prices and sophisticated necessities.”
Everlasting Secretary within the Ministry of Commerce, Mrs. Sophia Alfay-Henry, noting the influence of the initiative on MSMEs, which operated informally, mentioned: “An unplanned, albeit very a lot welcomed, profit underneath this program has been that a few of our MSMEs who have been beforehand unbanked have now been in a position to set up financial institution accounts for his or her companies; thus, bringing them one other step nearer to formalization and making ready them for different banking and digital companies wanted to drive their progress.”
The ministry mentioned that with digital transactions quick changing into the norm, the initiative is a part of its early steps in the direction of evolving right into a digital financial system.
“By streamlining transactions, enhancing stock administration and gross sales monitoring, and enhancing customer support, these point-of-sale machines play an important position in our MSMEs’ formalization and elevated competitiveness.
“A number of MSMEs have already benefited from the supply of the state-of-the-art point-of-sale machines and a one-year service subscription by the native service supplier, Financial institution of Saint Lucia Ltd.”
The ministry mentioned that because the program’s inception, the Financial institution of Saint Lucia Ltd. has offered the beneficiary MSMEs with discounted point-of-sale machines and related coaching and technical assist.
It added that the financial institution’s involvement is a testomony to the significance of public-private partnerships in stimulating financial progress.
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