$100,000 cash grant: Time, money saved with direct bank deposits – Pres Ali

President Dr Irfaan Ali has emphasised that the convenience of receiving the $100,000 cash grant directly into bank accounts outweighs the $50 bank transaction fee charged by some institutions. He spoke on the issue on the sideline of another event last week, when he addressed concerns raised by Opposition Member Ganesh Mahipaul, pointing out that direct deposit system saves recipients both time and money. “Yes, ideally banks should not charge these fees, but consider the reality. People no longer need to spend money on taxis to go to a bank or lose hours of productive time depositing a cheque. Now, the funds are in their accounts from the comfort of their homes,” he said last week in addressing the issue.
However, President Ali dismissed these calls, emphasising that despite the minor charge, the initiative will still deliver significant benefits to citizens. The Government has already begun depositing the grant directly into public servants’ bank accounts and has launched an online platform for other citizens to submit their banking information. As a matter of fact, within 24 hours of the online registration portal going live, more than 6000 Guyanese had completed their registration. To be eligible, individuals must be Guyanese citizens aged 18 or older as of February 28, 2026, hold a valid National ID or passport, have a local bank account in their name, and be physically present in Guyana at the time of registration. Applicants will also have to undergo a facial recognition test or a liveness test, as well as provide their bank account information. While there has been some criticism about this method of distributing the cash grant, Finance Minister, Dr Ashni Singh has said during a update that there has been a tremendous response, with scores of persons taking advantage of this self-registration tool.

No one will be denied
While this online registration portal was designed specifically to target persons who want the money to be deposited directly into their bank accounts, the Finance Minister has given assurances that no one will be denied their cash grant if they do not have a bank account. “In the event you don’t have a bank account and you would still like to receive your cash grant, alternative arrangements will be made for you. But those alternative arrangements will necessitate you, at the appropriate time, having to leave the comfort of your own home. So, the surest and easiest way to be able to receive this cash grant is, of course, via the electronic banking system… But fear not, if you don’t have a bank account or you choose not to use your bank account for this purpose, you’re still going to get your cash grant,” Dr Singh assured.
This latest cash grant initiative was rolled out last week, with nearly 50,000 Central Government employees being the first category of beneficiaries to receive their $100,000. That first cohort of 48,858 employees, comprising public servants, teachers and members of the disciplined services, received their cash grants via their bank accounts, amounting to some $5 billion. Meanwhile, in anticipation of the rollout of this 2026 cash grant, the Ministry of Finance, together with the Central Bank, collaborated with financial institutions to simplify the process of opening bank accounts as well as to facilitate the opening of these accounts online.
Among the commercial banks that have since been facilitating the online opening of bank accounts are Demerara Bank Limited (DBL); Guyana Bank for Trade and Industry Limited (GBTI); Republic Bank (Guyana) Limited; and Scotiabank Guyana Incorporated. During the previous national cash grant initiative in late 2024 into 2025, more than $60 billion of disposable income was transferred into the pockets of over 600,000 Guyanese. Another $60 billion is expected to be transferred in this second round of distribution. These two cash distribution exercises come on the heels of the first National Cash Grant of $25,000 per household that was paid when the People’s Progressive Party/Civic (PPP/C) resumed office in 2020 in the midst of the COVID-19 pandemic.