Citizens Bank lowers interest rates for housing loans to 4.6%

…as new branch commissioned at Bartica

…new investment signals confidence in Region 7’s future – Head of State

Citizens Bank Guyana Inc has joined in the competition of making homeownership easier for Guyanese by reducing its interest rate to 4.6 per cent for loans of up to $30 million.
This was announced by the bank’s Managing Director, Eton Chester, during the opening of a new branch location at Bartica, Region Seven (Cuyuni-Mazaruni), on Friday.
“Currently, for loans up to $30 million, Citizen Bank charges a rate of interest of 4.95 per cent. From today…a decision has been taken to reduce that rate to 4.6 per cent – the lowest in the market,” the Managing Director stated.
Citizens Bank’s interest rates for other housing loans include 3.5 per cent for up to $10 million, 3.7 per cent up to $20 million, 5.0 per cent for up to $50 million, and a “competitive rate” for loans over $50 million.

The current Administration has been pursuing an aggressive housing drive to advance homeownership across Guyana. It has been working with the local banking sector to reduce interest rates to encourage more persons to build their homes. Nearly all the local commercial banks have slashed their rates of interest over the past year.
According to Chester, Citizens Bank has been partnering with the Guyana Government since the late 1900s when it entered into an agreement for the granting of low-income housing loans to Guyanese.

Conducive business environment
In addition to the further reduction in its rate of interest, the bank also took a decision to remove legal fees for customers.
“We know the challenges that some of the small borrowers would face when it comes to meeting their legal fees, payment to the registrar… I want to say that effective from today [Friday], Citizens Bank will be putting in place a system where these homeowners, these borrowers, will no longer be required to pay the fees,” the Managing Director also revealed.
He credited these interventions to the conducive business environment that the Guyana Government has created, especially for the banking sector.
“I’ve said it many times that banking in Guyana is sustainable, and it operates in an enabling environment. And I’m also going to say that the growth and development of the banking system in Guyana, or in any country, is always reflective of the growth and development of the country,” Chester posited, while lauding the Government “…for creating that environment to allow financial institutions to grow, to develop, and to support the well-being, the financial well-being, of all persons in Guyana.”
Friday’s commissioning ceremony was for the relocation of Citizens Bank’s branch to lot 1423 First Street and Third Avenue in Bartica, expanding and upgrading its services across the Cuyuni-Mazaruni region. The new state-of-the-art facility replace the older location at lot 16 First Avenue, Bartica, which was first opened in April 2000.
Over the past 26 years, the bank has disbursed more than $5.5 billion in loans to support housing, businesses, transportation, equipment purchases and other productive investments. Of that amount, approximately $1.8 billion was approved within the last five years alone.
Today, the branch serves approximately 7000 customers throughout Region Seven.
According to the Managing Director, the new branch office is a renewed commitment to service, partnership, and progress between the bank and the people of Region Seven.

Confidence in Region 7’s future
Meanwhile, President Dr Irfaan Ali joined bank officials, regional leaders and residents for Friday’s opening ceremony, describing the investment as a signal of confidence in the region’s future and Guyana’s continued economic growth.
“This bank has established its footprint in Region Seven. And I expect, given the dynamic leadership of Citizens Bank and their proactive approach to service, to see a strategic plan laid out for Region Seven – how we can drive financial inclusion in all of the villages and communities across Region Seven,” he said in his feature address.
In fact, with the aim of adequately serving persons across the Cuyuni-Mazaruni region, the Head of State invited the bank to establish a presence at the planned Government Service Centre that is slated for Kamarang to extend services to Upper and Middle Mazaruni communities.
Additionally, he also revealed that discussions are already underway with the leadership for Citizens Bank to set up a Development Bank desk and an electronic ID card desk to support residents in the region to access these key Government services.
Nevertheless, President Ali went onto welcome the investment and said his Government looks forward to continued collaboration with the banking sector to deepen financial inclusion and improve service delivery across Region Seven.
“The greatest measure of any banking system is confidence. Do people trust it? Do businesses trust it? Do investors trust it? The answer is clear. Public confidence in our banking system remains high,” he stated.
The Guyanese leader added that investments such as the Bartica branch reflect confidence in both the region and the country’s long-term prospects.
“This new facility can only enhance the quality of service provided not only to the people of Bartica but also to surrounding communities. It signals confidence in the future of this region and confidence in the future of Guyana,” President Ali stated.