President Irfaan Ali hailed the local banking sector on Monday as Demerara Bank expanded its service with the opening of a new branch at Beterverwaghting on the East Coast Demerara.
Delivering the feature address at the opening of the new branch, the President said commercial banks in Guyana continue to rise to meet various financial challenges faced by both persons and businesses by expanding their footprints and innovating and expanding their services and loan portfolios.
He said the bank’s new branch aligns with the Government’s vision of creating greater financial inclusion for citizens across the country.
“The Bank has been expanding its presence here in Demerara Mahaica and this a sign of its responsiveness to the needs of our people for the provision of more accessible financial services. The opening of this branch is also a sign of expansion, sign of confidence and a sign that the future of banking in Guyana is bright,” the President said.
The President said it is critical that banking services are available to people wherever they are, and suggested that the bank should introduce a skills development and financial management classroom where small and medium scale enterprises can benefit from coaching.
He noted too that the country’s banking sector remains strong.
“Today our commercial banks are recording healthy profits, that is not by accident, banks make much of their income from interest earn on loans and credit and when we look at what has been happening over the last five years, you see a remarkable story. Private sector credit has increased by more than 120%, these are not just numbers, these are signs of an economy that is alive, expanding that creating opportunities,” the President noted.
He said while the banks have been growing and expanding, there is still need for further growth and expansion.
“Yet, even with this strong growth, there is so much room for expansion, our banking system remains very liquid, in simple terms, there are still a lot of money in the system that is not being fully used for productive lending, that presents and opportunity, it means that there is still space for more businesses and citizens to access credit, it means there is still room for more investment, more entrepreneurship and more innovation,” the President noted.
The new Demerara Bank branch boasts of a drive thru and two walk-in ATM units along with other amenities.
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