Guyanese soon to sell products/services globally through e-commerce

Guyanese will soon be provided with the legal framework and requisite infrastructure to sell their products and services to global markets.
Currently, there are numerous financial restrictions in Guyana preventing local entrepreneurs from tapping into the international market to promote their products and services.
PayPal, one of the most widely used and accepted payment processors globally, is unable to get the licence to operate within Guyana because of the unavailability of legislation, even in the recently passed Telecommunications Bill.
The Guyana Entrepreneurship Network (GEN) – a group of Guyanese entrepreneurs – has lobbied Telecommunications Minister Cathy Hughes on this matter.
GEN Representative Rosh Khan told Guyana Times that significant strides have already been made to ensure the legislation is updated and will facilitate the entry of notable payment processors into Guyana.
He explained that the National Payment Systems Act, which deals with electronic money, has already been drafted and is currently being reviewed by stakeholders, including himself.
Government has already begun the process of switching from paper-based transactions, to electronic payments by entering into an agreement with the World Bank which would seek to modernise the country’s National Payments System.
Additionally, Khan said the Electronic Transaction Act is being drafted.
The Electronic Transactions Act will allow local businesses to extend their reach beyond the country’s borders. When the legal framework is in place, Guyana will have to lobby PayPal to enter into its market. “Once we get the legal aspect in place, it shouldn’t be too difficult – at least, that’s what I hope. We saw it happen in Trinidad and Tobago too. PayPal wasn’t there. Then they put the Electronic Transaction Act in place (and) a few months later, PayPal was fully functioning (both sending/receiving),” he explained.
Khan noted that these measures will transform the business landscape in Guyana.
“It transforms how we think about money and as an extension, how we act with money. It also transforms how we make money. With e-commerce laws firmly in place, Guyanese will have a more levelled playing field of opportunity – to serve not only Guyana, but the exponentially larger international market. Imagine what that means for the individual who can make $50-$100 US per day from home, part-time. Imagine what that means for cash flow and spending power. And what about existing businesses – imagine what that means for them to be able to accept money for their products and services from around the world via PayPal, Stripe, and other payment processors,” he outlined.
According to the young business executive, Guyana will start to experience a new level of economic transformation with a robust e-commerce sector.