BEFORE the close of the International Building Expo (IBE) 2026, President Dr Irfaan Ali made visits to several banking booths, where he engaged representatives on the seamless integration of digital technology, and faster loans for housing and other services.
He engaged Republic Bank Guyana Limited, Scotiabank Guyana, Demerara Bank Limited, Citizens Bank Guyana, and Guyana Bank for Trade and Industry (GBTI) personnel.
Citizens Bank Guyana reported that it has seen a tremendous growth in the housing market in recent times. It said that the initiatives that the government has announced have been specifically impactful on young people.
“Many of us would have been waiting for these opportunities, and they are here now, and we are here to help you find facilities, so that you can take that next step forward. The government has done their part, and we are here to help you go the extra mile to help you out. So, we are offering interest rates up to $10 million, 3.5; up to $20 million, 3.7, and then up to $30 million, 3.6,” one of the bank’s officials said. When applicants apply for a loan with Citizens, the bank now takes care of the legal fees.
At Republic Bank, it was said that for them, the mortgage rates are exciting. With the rising economy, and the competition that exists, Republic Bank said it is changing rates as it needs to.
“The expo has been really exciting for us. The booth has been good, feedback from customers has been good as well, especially when we go through the rates and the requirements and stuff like that,” they said.
The company said through its website, people can apply for loans, or an account, making the entire process paperless.
Scotiabank Guyana on the other hand said that there has been an enormous increase in home loans access. The bank said many customers are interested in owning their own home.
Whether people are building, or they are looking to expand, Scotiabank said it has made a number of changes as it relates to their policies and much more.
“So, allowing for a wider scope of customers to be able to benefit from financing. We’ve reduced rates on our mortgages as well to be competitive within the market. So, the drive is there, the push is there and we’ve seen a higher increase of customers coming to seek financing and being able to own their homes,” the bank said.
At the GBTI booth, hundreds of people used the opportunity to register for housing loans or access other financial services. Many were introduced to GBTI’s newest banking app that shows the total cost for building houses and the monthly installments they would need to pay.
Meanwhile, Demerara Bank Limited acknowledged that Guyana’s housing market is growing, with more Guyanese wanting to own their own land and homes.
With this comes the need for financing. This bank was the first to increase its loan ceiling and reduce interest rates, making it easier for customers. Customers can now apply online for these loans, with no need to visit the bank to facilitate this.
During the International Building Expo, they were able to provide onsite approval to persons applying while there.
Demerara Bank has fully embraced the use of technology for the services it offers to the public. This means that persons can be at home and apply for loans or any service through Demerara Bank’s online database.
“It’s so fantastic. You can upload all your documents there and you could receive your approval within the same day, within 24 hours. I might want to say, just being at home and having your home loan approved. We were able to do that. A lot of persons came here but they also applied offsite and we were able to do that within four days,” bank officials said.
Additionally, Demerara Bank introduced “Kaira,” its Customer Service robot. If a customer has any banking related questions, the robot answers them and serves as a guide in the banking area.
