CASTRIES, St. Lucia, CMC—The St. Lucia government says it will begin distributing point-of-sale machines to micro, small, and medium-sized enterprises (MSMEs) on Monday under an initiative being undertaken in collaboration with the Organization of American States (OAS).
The Ministry of Commerce, Manufacturing, Business Development, Cooperatives, and Consumer Affairs said that the machines are being distributed under the St. Lucia Digital Enhancement Programme, an OAS-funded project encouraging MSMEs to integrate e-commerce capabilities into their mainstream operations.
“This also marks the culmination of the two-year program, having met its objectives of identifying and improving local e-commerce platforms for use by the St. Lucian public, strengthening the digital presence of MSMEs through the use of new and existing software applications and technological tools to facilitate their digital transformation, increasing the awareness and connectivity of at least 150 MSMEs to e-commerce platforms, and improving the visibility and sales of the identified ICT platforms and beneficiary MSMEs,” the ministry said.
These measures are designed to enhance the operational efficiency of MSMEs by enabling them to transact business online and accept multiple forms of payment, including credit and debit cards.
“MSMEs now can 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, noting the impact of the initiative on MSMEs, which operated informally, said: “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.”
The ministry said that with digital transactions fast becoming the norm, the initiative is part of its early steps towards evolving 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 our MSMEs’ formalization and increased competitiveness.
“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.”
The ministry said that since the program’s inception, the Bank of Saint Lucia Ltd. has provided the beneficiary MSMEs with discounted point-of-sale machines and relevant training and technical support.
It added that the bank’s involvement is a testament to the importance of public-private partnerships in stimulating economic growth.
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