— as Republic Bank opens $1.5B Triumph branch

REPUBLIC Bank (Guyana) Limited on Sunday formally commissioned its 12th location in Guyana, amid calls by President David Granger for emphasis to be placed on mobile banking and extending the reach of financial services to un-served communities. “Mobile banking has proven to be very successful in improving access to financial services in many countries and I am sure it can improve custom in this country as well — the expansion and use of mobile banking [in] Guyana is another potential approach to provide basic

financial services to riverain and hinterland areas; mobile banking has the potential to vastly improve access to financial services…by allowing financial institutions to provide services without having to invest in [buildings].”
The $1.5B facility located at Triumph, East Coast Demerara (ECD), is the second largest Republic Bank Branch after the bank’s Water Street branch and stands at approximately 24, 143 square feet and contains energy-efficient lighting and refrigeration-flow for air-conditioning systems in keeping with Guyana’s ‘green state’ agenda.
In delivering the feature address, the head-of-state made it clear that while there is evidence of expansion in the banking sector here, there is a need to close the gap between financial services provided on the coastland and those in the hinterland regions of the country.
“The opening of this branch will promote increased financial inclusion; the expansion of this branch will also intensify competition within the financial sector,” he said, noting that the bank’s Triumph location brings the number of branches in the country to 41. Republic Bank owns 12 of the total.
In congratulating the bank on its addition, the President described the investments as “impressive,” but stressed the need for their continued development in the banking sector.
GREAT POTENTIAL
“There is still great potential for the provision of financial services further eastward and westward, particularly westward, so as to drive economic development,” he said, outlining the country’s deficiencies as it relates to the limited number of commercial bank branches and the number of Automated Teller Machines (ATMs) here as compared to Suriname and Trinidad and Tobago.

He quoted the World Bank’s statistics which showed that last year Guyana had only 8.4 commercial bank branches per 100,000 people compared to neighbouring Suriname, which had 11.1 per 100,000 people and Trinidad and Tobago 13 per 100,000.
He reported too that Guyana has 17 Automated Teller Machines (ATMs) per 100,000 persons, compared with 41 in Trinidad and Tobago.
“These are deficiencies which we must address,” he said, emphasising the need for the banking sector to take hold of innovative means to bridge the gap between the coast and the hinterland.
President Granger told the gathering of the bank’s officials and Government ministers that activities must not be confined to the coastland.
“Many residents in the hinterland have to make costly overnight trips to access banking services; commercial banks are encouraged to find greater means and instruments of expanding their services to hinterland communities – the lack of access to banking services to un-served areas lends a serious constraint to income-generation activities — it is a factor which limits the economic development of those regions,” the head of state added.
The APNU+AFC Administration, he said, is committed to ensuring that services provided on the coastland are made available to those who reside and work in the hinterland regions of the country, and as such, he called on the banking sector to explore alternatives to capture all citizens.

President Granger acknowledged the smallness and remoteness of some communities, thereby making it unviable for commercial banks to establish a presence there; as such, he stressed that it is necessary to cooperate with the banks to ensure that non-traditional options such as mobile banking are utilised.
Given Guyana’s vast lands and the geographical nature of the country, the President said that more than any other Caribbean territory, Guyana needs to develop systems that suit its geographical realities. “One size does not fit all,” he declared.
IMMENSE IMPORTANCE
He said the opening of the branch at Triumph is of “Immense importance” to him on the regional, national and personal levels. On the regional front, President Granger who two weeks ago assumed chairmanship of CARICOM, said he intends to further the work of the founding fathers to ensure that strong regional economies exist.
“Guyana is the largest state in CARICOM and I feel whatever is good for business in Guyana will be good for business in the entire community. [The]Republic Bank group has a strong presence in the Eastern Caribbean and the opening of this branch strengthens and lengthens the reach and deepens the relations with citizens, communities and countries of the Eastern Caribbean and [the] Caribbean Community as a whole,” he stated.
Nationally, the President said the bank removes the need for citizens who live on the East coast to travel to the city to access financial services, while alluding to the hosting of Local Government Elections (LGE) last year.

“The democratic dividends will not only be that our people will be empowered to elect their own local leaders from now on, but that there will be heightened economic activities and heightened confidence in the system of local governance.”
On the personal level, President Granger noted the ease to access financial services to residents of the East Coast and noted that evidence suggests that the wider dispersion and deeper penetration of financial services will contribute to enhanced economic growth and reduced income inequalities.
“The opening of bank branches brings banking services closer to the people,” he said.
Meanwhile, Chairman of the Board of Directors, Republic Bank (Guyana) Limited Nigel Baptiste, said the opening of the branch solidifies the bank’s vision to strengthen relations with the communities between West Berbice and Georgetown.
“High among our priorities is building and solidifying our relations with the community; both as a financial services provider and supporting social development,” he said, outlining the objective of the bank is beyond the provision of financial services, but also to pursue meaningful relationships and make a difference in communities through empowerment programmes.
Baptiste noted that the bank’s vision for expansion is strongly aligned with trends shaping the local, regional and global economies.
NOT THE LAST
He said locally there are increased opportunities for home ownership and the expansion of small and medium-sized businesses, while adding that Republic Bank’s Triumph location is not the last as it intends to expand to Rosehall, Berbice.

The bank is examining the construction of a new facility there to accommodate the expanded needs of its Rosehall branch
The construction of the bank commenced in February 2016 and was completed in November of the same year. The bank, which opened for business on December 19 and accommodates 32 persons, inclusive of the manager, provides retail and commercial deposit and credit facilities, residential mortgages, personal banking, foreign banking services and card business, electronic banking and night deposit facilities.
The Triumph location was designed by Rodrigues Architects Limited and constructed by Raffik and Sons Construction Service.
Republic Bank (Guyana) Limited has a banking history which dates back to 1836 with the British Guiana Bank; it was the first commercial bank to start business in British Guiana. In 1914, it was purchased by the Royal Bank of Canada and became the second foreign-owned commercial bank in the history of the country.
After serving 70 years in Guyana, Royal Bank closed its operations and sold the bank to the Government of Guyana, bringing into being the National Bank of Industry and Commerce Limited (NBIC), which was subsequently converted into a private company when the Government sold approximately 85 per cent of its stock to local private-sector interests.
In 1997, Republic Bank of Trinidad became the majority shareholder after purchasing 47.5 per cent shares from the government and National Insurance Scheme and 3.5 per cent from individuals. The bank was branded Republic Bank (Guyana) Limited on June 5, 2006.
First Lady ,Sandra Granger; Minister of Business, Dominic Gaskin; Minister within the Ministry of Finance, Jaipaul Sharma and Minister of Public Telecommunications Catherine Hughes, also attended the launch.