President Ali – every Guyanese should have a bank account

The government will implement measures to encourage more citizens to open bank accounts, President Dr Mohamed Irfaan Ali announced on Thursday at the Pegasus Suites and Corporate Centre.

The president made the announcement during an address to private sector leaders, members of the diplomatic corps and other dignitaries at the Guyana Chamber of Commerce and Industry (GCCI) Energy Insights Breakfast.

“We have to be able in the shortest time frame to ensure every Guyanese have a bank account,” the president said, noting,” even if the government must incentivise the opening up of those bank accounts. 

He told the audience that a team, consisting of cabinet members, including the Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh, is drafting a document that will aid in the modernisation of the financial sector.

The president said that in three weeks, the report will be submitted and it will outline critical details on how the government can begin to take steps to further modernise the country’s banking sector.

Options that will be examined include, “The creation of a modern stock exchange and options for capital mobilisation. Many people are speaking about diaspora bonds and all of this.”

President Ali reemphasised that as the government moves to create a modern and diversified economy by 2030, it must be complemented by a modern financial system, one that is second to none.

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.