President Dr Mohamed Irfaan Ali on Friday evening called on commercial banks to deliberately use their private banking relationships to support small and micro-enterprises, saying stronger linkages across the financial system are critical to accelerating inclusive growth and wealth creation.
Speaking at the launch of Guyana Bank for Trade and Industry’s (GBTI) private banking services, President Ali said modern banking must go beyond serving high-value clients in isolation and instead act as a connector that integrates small businesses into expanding value chains.
“Private banking gives the banks deeper knowledge of their customers, the sectors they operate in, and the capital they can leverage,” the president said. “That leverage must now be used to create opportunity throughout the system.”
The head of state outlined a model in which established companies and high-net-worth clients partner with banks to mentor and support groups of small vendors and entrepreneurs, allowing them to pool resources, access financing, and participate in larger business operations.
He pointed to collective enterprise models, including the Leopold Street Incorporated initiative, where young entrepreneurs were given support to formalise operations, acquire equipment and expand into home construction and related services.
“This is how we transform and integrate different levels of the financial system,” President Ali said. “When companies, banks and small businesses work together, the multiplier effect on growth and employment is significant.”
The president stressed that as Guyana’s economy becomes more complex, banks must adopt multifaceted approaches to service delivery, supporting both sophisticated financial needs and broader financial inclusion.
In this context, President Ali said the government is advancing reforms to modernise Guyana’s payment systems, including the development of a national electronic payment platform to reduce the economy’s reliance on cash.
“We cannot modernise the economy by clinging to yesterday’s payment systems,” he said, noting that the long waiting lines at banks for excessive cash transactions result in lost productivity, inefficiencies and increased risks.
The planned platform, he explained, will allow for electronic payments, mobile transactions and more efficient transfers across the public and private sectors, improving business operations, tax collection and access to financial services.
President Ali highlighted that electronic payment systems are key to bringing small businesses and informal operators into the formal economy, allowing them better access to banking services, credit, and growth opportunities.
“A modern banking system must serve people, not inconvenience them,” the president said.
“Standing in long lines to conduct basic transactions is not efficient, and it comes at a real economic cost.”
He reaffirmed the government’s commitment to working closely with commercial banks to strengthen regulations, improve oversight and ensure that financial sector reforms support both innovation and stability.
The president said the launch of GBTI’s Private Banking services aligns with the broader transformation of Guyana’s financial architecture, signalling readiness, confidence and a recognition that standing still is not an option.
“A modern Guyana deserves a modern financial system,” he said. “And that system must work for everyone, at every level.”