–President Ali announces; welcomes investments in financial services expansion as Demerara Bank opens new location
By Naomi Parris
LONG lines at Automated Teller Machines (ATMs) could soon be eliminated, as Guyana prepares to introduce a digital payment system, easing reliance on cash transactions and the need to carry large sums of money.
This was announced by President Dr. Irfaan Ali during his address at the opening ceremony for Demerara Bank’s new Beterverwagting, East Coast Demerara branch on Monday.
The Head of State emphasised how Guyana is quickly adapting to enhance its financial ecosystem.
“In the next six months, I’ve advised the Governor of the Central Bank that we must be in a position that a national payment platform must be fully operational, and we must have access to digital wallets at a national level and international scale,” the President said.
While Dr. Ali underscored the importance of upgrades to the banking sector’s physical infrastructure, he noted that the very nature of banking is being transformed.
“As we celebrate this physical expansion of banking, you must also recognise that banking itself is changing. It was a time when banking meant standing in long lines. People would go into a branch, deposit money, withdraw cash, or pay bills. The bank was a place you had to visit. The model is changing,” he said.
The President added: “The future of banking is digital. The future of banking is online banking. The future of banking is cashless transactions. We’re moving towards a time when fewer people will need to come into a branch for routine transactions, deposits, transfers and bill payments, these will increasingly, be done electronically.”
He further emphasised that modernising Guyana’s financial architecture is critical to its broader economic ambitions.
“We cannot fully integrate into the global marketplace if we do not modernise our financial systems. That is why the government is committed to building a financial ecosystem that will gradually move us towards the reliance on technology and electronic means of setting accounts,” Dr. Ali said.
To this end, the government is actively working to build a financial ecosystem that supports greater reliance on technology and electronic methods of settling transactions.
Rather than creating entirely new digital accounts for every citizen, President Ali said the administration has opted for a more practical and cost-effective approach by leveraging existing bank accounts.
These accounts are already being used to distribute old-age pensions, National Insurance Scheme (NIS) benefits, public sector salaries, utility payments and, more recently, cash grants.
“We are using bank accounts to deliver old age pensions, NIS benefits, salaries of government workers, payment of utility bills and now the cash grant. This approach is cheaper; it is more orderly and is more convenient for citizens,” the Head of State said.
He noted that this also strengthens financial inclusion.
The President said: “When people receive payments through the banking system, they become part of that system. They are more likely to save, to transact and to access all the financial services.”
TRANSFORMATIONAL SHIFTS
Meanwhile, Dowlat Parbhu, Demerara Bank’s Chief Executive Officer (CEO) noted that the new facility, which replaces its previous location at Le Ressouvenir is outfitted with the most modern technologies to support efficient, safe and digital banking services.
The new facility spans 23,000 square feet and features a spacious banking hall, safety deposit box services, and specialised sections for credit services and new accounts.
The branch is equipped with three intelligent ATMs, one drive-through, and two walk-up units, capable of cash withdrawals and deposits.
“We look to continue to build on the strong foundation, guided by our sheer vision, driven by excellence and commitment to making a meaningful impact across the communities we serve,” he said.
He noted too that the bank contributed approximately 50 per cent of all lending growth in the banking system last year, making it a market leader and a key driver of economic expansion.
Further, the bank’s lending growth is strategically deployed across productive sectors, including housing, agriculture, manufacturing, services, oil and gas, telecommunication, and hospitality.
Further in the coming months, Parbhu announced that the bank will be launching an enhanced digital platform aligned with the government’s plans to make the financial system more efficient.
“We are also planning this year to roll out a series of next generation digital solutions that we believe will fundamentally change the status quo of banking. These are not incremental upgrades. They are transformational shifts of how banking is delivered and experienced. Because our vision is very simple,” President Ali said.
He added: “You should not need to visit a branch to have relationship to the bank. In other words, the Demerara Bank will be coming to you.”
In 2025, the bank reported a net profit of $8.41 billion, a 50.5 per cent increase, and a return on assets of 3.8 per cent, outperforming local and regional averages.
