Private Sector calls for more electronic transactions

The Private Sector Commission (PSC) and Georgetown Chamber of Commerce and Industry (GCCI) continue to encourage the use of electronic cash transactions even as armed robberies persist unabated not only against businesses but also civilians.

GCCI President and PSC Vice Chairman Clinton Urling remarked that while Guyana is a cash-based society, there is no reason for local business to remain in this stupor.
He pointed to initiatives taken through the efforts of the PSC to institute and encourage more frequent use of plastics by businesses and consumers.
“At the chamber two years ago, we had specific programmes targeting this and the Bankers’ Association on their agenda; they continue to promote the push towards electronic commerce and electronic banking,” Urling stated.
He explained that this is not only through debit and credit cards, but also online banking, transactions and other payments.
Urling noted that the security issue surrounding cash transactions is only one of the major concerns.
He disclosed that transactions done through electronic means is also a plus, owing to the relative ease by which such transactions can be tracked.
The GCCI executive has long been advocating for the phasing out of a cash-based economy in light of the many multi-million dollar robberies which occur every week.
They believe that businesses are encouraging robberies by walking around with huge sums of cash.
The chamber said Guyanese must develop a culture of utilising more cards while the banking sector encourages a more card-based society once it adopts a single-platform initiative.

Former GCCI President Komal Ramnauth believes it becomes prohibitive as the business community may feel inconvenienced when being forced to use several cards.
“I think business persons should use more and more plastics and less cash, and I would like to encourage the banking sector to see if they can use one platform where you can have and use one terminal,” the former GCCI president remarked.
Ramnauth pointed out that he sees no reason why the business community should not utilise the service once the facilities are available and provides for the use of one card, instead of six or seven different cards at one terminal.
Last year, the Guyana Bank for Trade and Industry (GBTI) announced plans to link all of its Automatic Teller Machines (ATM) and Point of Sales systems.
The expectation was to be realised with the laying of the fiber-optic cables and had been touted to become part of a booming information technology sector in the country.
Government too has been supportive of a number of initiatives aimed at improving the banking sector and reducing Guyana’s reliance on cash as the primary means of financial transactions.
Finance Minister Dr Ashni Singh stated that government has recognised the efforts by commercial banks to modernise the manner in which business is conducted.
“There is no justifiable reason why anyone should be paid in cash… or have money snatched from them. We should utilise the Cash Management System (CMS) that would make us less cash-dependent,” the finance minister said.
He added that there is an unnecessary cost attached to cash which is kept on person or premises as it relates to both handling and transporting.