The Ministry of Commerce, in collaboration with the Organization of American States (OAS), will be distributing additional point-of-sale machines to Micro, Small and Medium-sized Enterprises (MSMEs) at a brief handover ceremony on Monday September 2nd, at 2:00 p.m. at the conference room of Bank of Saint Lucia Ltd., Financial Centre Building, Bridge Street.
This final handover forms part of the Ministry of Commerce’s targeted efforts, under the Saint Lucia Digital Enhancement Programme, an OAS-funded project aimed at encouraging MSMEs to integrate e-commerce capabilities into their mainstream operations.
This also marks the culmination of the two-year programme, having met its objectives of a) identifying and improving local e-commerce platforms for use by the Saint Lucian public b) strengthening the digital presence of MSMEs through the use of new and existing software applications and technological tools to facilitate their digital transformation, c) increasing the awareness and connectivity of at least one hundred and fifty (150) MSMEs to e-commerce platforms, and d) improving the visibility and sales of the identified ICT platforms and beneficiary MSMEs.
These measures are designed to enhance the operational efficiency of MSMEs, by enabling them to transact business online and to accept multiple forms of payment, including credit and debit cards. MSMEs now have the opportunity to increase their sales revenue and effectively broaden their market reach and customer base. This initiative has also resulted in the financial inclusion of many small businesses, previously excluded from the formal banking system due to costs and complex requirements.
Permanent Secretary in the Ministry of Commerce Mrs. Sophia Alfay-Henry further explained the impact of the initiative on MSMEs which operated informally: “An unplanned – albeit very much welcomed-benefit under this program has been that some of our MSMEs who were previously unbanked, have now been able to establish bank accounts for their businesses; thus, bringing them another step closer to formalization and preparing them for other banking and digital services needed to drive their growth.”
With digital transactions fast-becoming the order of the day, this initiative forms part of our early steps towards evolution into a digital economy. By streamlining transactions, improving inventory management and sales tracking, and enhancing customer service, these point-of-sale machines play a crucial role in the formalization and increased competitiveness of our MSMEs. Several MSMEs have already benefited from the provision of the state-of-the-art point-of-sale machines and a one-year service subscription through the local service provider-Bank of Saint Lucia Ltd. Since the programme’s inception, the Bank of Saint Lucia Ltd. has provided point-of-sale machines at a discounted rate to the beneficiary MSMEs, as well as relevant training and technical support. The Bank’s involvement is a testament to the importance of public-private partnerships in stimulating economic growth.
The Saint Lucia Digital Enhancement Program underscores the Government of Saint Lucia’s (GOSL’s) commitment to supporting private sector development and modernization. Additionally, this initiative highlights the valuable collaboration between the GOSL and the OAS. The OAS, through its Development Cooperation Fund, remains a leading organization in promoting technical cooperation, capacity building, and social progress in the Americas.