As the government transitions to a modern and digitally driven economy, more Guyanese are joining the formal banking system.
Speaking to the nation from the Arthur Chung Conference Centre (ACCC) on Wednesday, President Dr Mohamed Irfaan announced that over 600,000 Guyanese are now integrated into the country’s financial system.
The head of state made the remarks in his address to the nation at the Arthur Chung Conference Centre (ACCC) on Wednesday, where he outlined the government’s economic and social agenda for the next five years.
“We firmly believe that everyone should have equal access to participate fully in our economy, beginning with the fundamental ability to open a bank account. That is why we drastically simplified the requirement for opening bank accounts,” he told the audience.
“These simplified procedures are already in operation. Today, more Guyanese than ever before are part of the formal banking system. In fact, the number of bank accounts has grown by more than 65,000 since 2020,” President Ali said.
Earlier this year, the president called on Guyanese to ensure they open bank accounts, as the government aims to deliver social cash transfers via the banking system.
Additionally, online banking is operational at four commercial local banks, making the process of creating a bank account much easier, including for those in the hinterland regions.
“This is progress in financial inclusion and empowerment that is measurable. Moving forward, to ensure that every Guyanese has access to the banking system, and access to opportunity that exists in Guyana, today, every effort will be made to encourage them to open their own bank account,” he affirmed.
To further modernise the financial system, President Ali announced that a junior stock exchange will be created.
Financial reform aligns with the People’s Progressive Party/Civic (PPP/C) Administration’s commitment outlined in its 2025 Manifesto. The government aims to foster a more inclusive financial system that will empower all Guyanese to access the system and to participate in saving and investment opportunities.
The PPP/C Government intends to achieve this by collaborating with commercial banks to expand banking services, including those in the hinterland, by simplifying the process of opening a bank account.
Guyanese will also be able to apply for loans and process transactions online within the next five years.