—pushes universal banking access, digital payments and expanded financing as part of national development agenda

PRESIDENT Dr Irfaan Ali, on Friday, challenged commercial banks to move beyond traditional banking services and play a greater role in expanding financial inclusion, particularly in hinterland and underserved communities.
He made this call during the commissioning of Citizens Bank Guyana’s new branch in Bartica, Region Seven, urging that the country’s financial system must evolve to ensure that economic opportunities are accessible to all Guyanese, regardless of where they live.
While praising the strength and stability of Guyana’s banking sector, Ali questioned whether the benefits of that growth were reaching enough people.
“What is the purpose of having a strong banking system if some people remain outside of it? What is the purpose of having several banks if communities remain underserved? What is the purpose of financial stability if financial opportunity is not broadly shared?” he asked.
His remarks come as the government advances an ambitious strategy aimed at ensuring that every Guyanese has access to a bank account, digital payment services and financing opportunities.
Over the past several years, the administration has consistently promoted financial inclusion as a key component of national development, with President Ali repeatedly stating that the government’s objective is for every Guyanese to own a bank account in the shortest possible time.
The push is intended to move Guyana away from a predominantly cash-based economy while making banking services more accessible to citizens across the country, particularly those living in remote and hinterland communities.
“This is the moment that commercial banks should expand their reach. This is the moment that commercial banks should embrace inclusion,” the President said.
To support that objective, the government has encouraged commercial banks to establish a stronger physical presence in hinterland regions while simultaneously investing in digital solutions that reduce the need for customers to visit branches.
The opening of the new Citizens Bank facility in Bartica represents one such effort, expanding access to banking services in a region that serves as a major centre for mining, tourism, agriculture and commerce.
Beyond physical expansion, the administration has also been pushing for greater adoption of digital financial services.
At the Bartica ceremony, President Ali disclosed that Guyana is moving closer to the implementation of an integrated national payment system that would allow seamless cashless transactions, mobile-to-mobile transfers and round-the-clock access to banking services.
“Before the end of the year [there will be] the development of an integrated national payment system,” he announced.
The initiative forms part of a wider effort to modernise Guyana’s financial architecture through online banking platforms, e-wallet services and real-time payment systems designed to improve convenience and accessibility.
The government has also worked closely with commercial banks, including GBTI, Republic Bank, Demerara Bank and Scotiabank, to simplify account-opening procedures and reduce barriers that have traditionally prevented some citizens from entering the formal banking system.
However, Ali argued that financial inclusion extends beyond access to bank accounts.
He said equal attention must be given to ensuring that small businesses, entrepreneurs, miners and other underserved groups have access to financing.
This philosophy underpins the establishment of the Guyana Development Bank, which was recently introduced in the National Assembly.
According to the President, the institution is intended to complement commercial banks by providing low-cost financing and support to individuals who may not qualify for traditional lending.
“The Development Bank is not being established to replace existing institutions. It is being established to unlock financing opportunities,” he said.
The bank is expected to provide collateral-free financing and support for small businesses, entrepreneurs and vulnerable groups, creating pathways for economic participation and wealth creation.
Ali said financial inclusion should ultimately empower citizens to invest in their own ideas, expand businesses and improve their quality of life.
As Guyana continues to experience rapid growth across sectors such as mining, agriculture, tourism and energy, the President maintained that ensuring every citizen can participate in the formal financial system will be critical to achieving broad-based and sustainable development.
“Financial independence is not only financial access,” he said. “It is the independence to invest in your own ideas and support your own future.”