Tag: Guyana Post Office Corporation

Post office seeking to increase its market share in the financial services sector

A collaborative venture with a United States-based cash transfer entity and a new local money transfer service are just two of the initiatives that the Guyana Post Office Corporation (GPOC) has taken in recent years in an effort to “re-invent” itself, broaden the base of its revenue and enhance its competitiveness in the financial services sector.

Deputy Post Master General Mayglen Adams is acutely aware of the antiquated image of the local postal service and makes no secret of her support for the changes that are taking place.

Two months ago the Corporation joined two local commercial banks in introducing an “outbound” money transfer service. The service, which is being run in collaboration with Post Cash, a United States-based service allows users to deposit up to USD 2,500 on their Post Cash cards and to have those amounts available to them for business transactions overseas. The facility is valid for both direct cash purchases abroad as well as on-line shopping.

“The advantage of the new “outbound” Post Cash Service compared with similar services currently being offered is that card holders are not required to spend all their cash at the same time. Balances can be held on the card,” Ms. Adams told Stabroek Business.

The new outbound Post Cash Service comes just over a year after the GPOC introduced its inbound money transfer service but several months after the introduction of similar services by Republic Bank and the Guyana Bank for Trade and Industry. And according to the Deputy Post Master General the fact that both services were not introduced simultaneously may have allowed the Corporation’s “competitors” to get ahead of the GPOC in implementing outbound services. She feels that both services ought to have been implemented simultaneously.

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The Guyana Post Office Corporation: Gearing for the challenges of Globalization

The Guyana Post Office Corporation (GPOC) is gearing itself for the challenges it faces in an increasingly globalised world. This is according to Acting Post Master General, Mrs. June Emptage-Morgan.

Morgan noted that rehabilitation of post offices around the country, an increase in various types of services offered and a sustained staff training programme are three main elements of the drive behind the change.

She noted the Post Office has moved from just a place where stamps were bought and mail is posted, to a developing one-stop-shop, where even stationary and post cards can be purchased.

Rehabilitation

Over the last five years, the GPOC has undertaken a massive rehabilitation programme for its branches around the country. Beginning with the USD 800,000 work done on the McKenzie Post Office, she said over USD 50 M has been spent on rehabilitation works at various post offices, along with USD 4 M spent to purchase a 230 KVA Generator for the Main Branch. This, she said, is an initiative to ensure that there is uninterrupted service by the Post Office and its tenants.

Additionally, an internet cafe has been opened at the Post Office’s Carmichael and Lamaha Streets location.

Services

Mrs. Emptage-Morgan stated that the Post Office now offers Money Transfer services, where in one case, there is a partnership with Carib Cash Money Transfer Service. She said transfers from St, Lucia and Anguilla are also done. The entity also deals with U.S. Money Orders and is also the agent for British postal orders.

Utility bills such as Guyana Power and Light, Guyana Telephone and Telegraph Company and GUYWA can be paid through the Post Office. The Acting Post Master General stated that for GT&T and GPL, same-day transfers are done in the Georgetown area, and at outlying branches transfers are done next day.

She said 15 computers have also be placed at Post Offices around the country offering the same service, an initiative undertaken in partnership with Carib Cash Money Transfer.

The GPOC has under active consideration the introduction of an Express Business Mail Service, where the entity would uplift mail and deliver within an hour. This management promised, would be an efficient and effective service, but would entail slightly higher rates.

In the meantime, with the advent of globalization and competitiveness in the service-oriented sector, international Courier services have provided formidable challenges to Post Offices the world over. The GPOC is no exemption.

However, in the spirit of competition, The GPOC provides an International Mail Express Service, which Emptage-Morgan boasts is cheaper than the competition. She said it costs USD 3,500 to send an express mail to the US, USD 4,000 to the UK, Europe and beyond, USD 4,500 to India and China and USD 1,500 around the Region. Additionally, this service is expected to be extended to Canada. Express mails are already being received from the North American country.

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