Guyana Accelerates Financial Inclusion, Security

• As the government transitions to a modern and digitally driven economy, the need to join the formal banking system has risen. 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.
• The government has simplified bank account opening requirements, with these measures already in effect, contributing to more than 65,000 new bank accounts since 2020 and expanding participation in the formal banking system.
• Online banking is now operational at four local commercial banks, improving access nationwide, including hinterland regions, and supporting the government’s plan to deliver social cash transfers through the banking system.
• Authorities have announced plans to establish a junior stock exchange and enable online loan applications and transaction processing within the next five years, further deepening financial market access.
• SMEs will have access to up to $10.0Mn in zero-collateral loans via the Guyana Development Bank, while micro businesses can apply for up to $3.0Mn in zero-collateral, zero-interest loans through a new development bank framework.
• These initiatives align with the PPP/C administration’s 2025 Manifesto, including the launch of an SME Development Bank by Q1 2026, backed by an initial US$200.0Mn government injection, with youth, women, and persons with disabilities prioritised.

(Source: Caribbean News Global)