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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