The launch of Guyana Bank for Trade and Industry’s (GBTI) private banking services represents a clear signal of confidence in Guyana’s economic trajectory and the increasing sophistication of the country’s financial system, President Dr Mohamed Irfaan Ali said on Friday evening.
Delivering the feature address at the official launch, President Ali described the new service as a “quiet but significant marker on the road of progress,” noting that private banking is a natural evolution in a growing and more complex economy.
“Private banking is not about stratifying customers or exclusion, it is about meeting different demands in a more sophisticated economy,” the President said.
“When banks begin to segment their offerings, it tells us that wealth creation, business complexity and professional demands are increasing.”
President Ali explained that today’s investors and entrepreneurs require financial solutions that fit their needs, investment advice, and stronger relationships with their banks.
He noted that private banking goes beyond transactional services, offering strategic guidance that is aligned with personal and business financial portfolios.
The head of state also highlighted the broader transformation underway within Guyana’s banking sector, pointing to simplified bank account opening processes and the expansion of banking services into fields, markets and communities as part of the government’s push for greater financial inclusion.
“We are one of the few jurisdictions where you see banking in the fields and banking in the markets. That is deliberate,” President Ali said. “The first step in building personal wealth and opportunity is owning a bank account.”
President Ali stressed that modernisation must occur across all levels of the financial system. He challenged commercial banks to leverage relationships with high-value clients to support small and medium-sized enterprises, encourage consortia, and strengthen linkages across value chains.
“This is how we accelerate growth, accelerate development, and create wealth at every level,” he said, citing examples of collective enterprise models that have successfully transformed small vendors and young entrepreneurs into viable businesses.
The president rejected the notion that private banking can appear elitist, likening the system to modern healthcare, where general and specialised services coexist.
“Sophistication is not exclusion. Diversity of services is not inequality; it is maturity,” he stated.
President Ali also outlined the government’s broader agenda for financial sector reform, including the rollout of a national electronic payment platform, stronger regulatory oversight, improved deposit and payment systems, and a shift toward a less cash-based economy.
“A modern economy cannot run on yesterday’s payment systems,” he said, noting that electronic platforms will improve efficiency, strengthen tax collection, streamline payments and reduce the economic costs associated with outdated banking practices.
He further announced plans for the establishment of a development bank to provide interest-free financing to limited and micro-enterprises, alongside efforts to create a national credit system to speed up loan processing and improve access to finance.
“The transformation of the financial sector will not be cosmetic or incremental, it will run deep into the very structure of our banking system,” President Ali affirmed.
In brief remarks, Chairman of GBTI Suresh Beharry said the launch of private banking services marks a new chapter in the bank’s long history of supporting national development.
He described the service as one built on trust, personalisation and long-term relationships, bringing together experienced relationship managers and specialist advisors in investment, credit, philanthropy and estate management.
He also welcomed the president’s commitment to comprehensive financial legislative reform, noting that updates to key laws governing banking, insurance, securities and companies are critical to supporting Guyana’s rapidly expanding economy while safeguarding financial stability.
President Ali congratulated GBTI on the initiative and reaffirmed the Government’s commitment to working closely with the banking sector to advance modernisation.
“A modern Guyana deserves a modern financial system,” he said. “Standing still is not an option. Progress demands that we move forward together.”