Post office looking for new revenue streams
With the Barbados Post Office expected to lose $11 million in fiscal 2018-19 - based on estimates of expenditure of some $25 million and revenue of just $14 million - Cabinet has approved a project to help the service find new revenue streams.
Minister of Home Affairs Edmund Hinkson announced that under the project, called the Integrated Postal Reform and Development Plan (IPDP) for the Barbados Postal Service, is expected to cost US$40,000.
The project, it is hoped, will lead to a range of new services being added to the BPS, including a postal bank; the digitization of postal codes; revenues from data mining; the establishment of a national service fund and a collection agency for all government monetary transactions.
Barbados was chosen by the Universal Postal Union as the postal operator in the Caribbean to implement the IPDP, as the BPS tries to respond to the rise of social media and e-commerce.