Digital banking will be a game changer for hinterland – VP

…small businesses in villages to access development bank credit

The Government is advancing a major financial inclusion initiative aimed at transforming how hinterland residents access banking and financial services through a new digital payment system linked directly to bank accounts.
Speaking at the National Toshaos Council (NTC) Conference on Tuesday, Vice President (VP) Dr Bharrat Jagdeo said the initiative will allow residents to make payments using QR codes on their mobile phones, reducing reliance on cash transactions, and eliminating the need for frequent travel to urban centres to access banking services.
The VP explained that the Government is working with financial institutions and an Indian technology partner that has successfully implemented a similar system for more than 1.4 billion people in India. Under the initiative, residents will be able to open and use bank accounts, receive payments, access loans, and conduct transactions digitally.

“This will be a game changer for people who live in the hinterland. You can do everything through your bank account,” Dr Jagdeo stated, noting that Government grants and other payments can be deposited directly into accounts while vendors will also be equipped to accept QR code payments.
He noted that while most hinterland communities already have access to Starlink internet services, efforts are continuing to improve broader internet accessibility for residents.
As the Government intensifies its public awareness campaign on the Guyana Development Bank, Amerindian communities are also being targeted to ensure small businesses in hinterland areas can access affordable financing, creating new opportunities for entrepreneurship, financial independence and long-term wealth creation.
The bill to establish the financial institution is currently before the National Assembly for consideration and is slated to be debated at the next sitting.
Jagdeo said access to credit is one of the greatest ways communities can accelerate job creation and build new revenue streams.
For the Government’s part, the VP said guidance would be provided on identifying prime economic activities for each village, given market demands. He said these could include livestock production, agro-processing or tourism projects. He also noted that an innovation technical support centre would be created in each region, in keeping with the PPP/C’s 2025-2030 manifesto.
With a hub based in each region and access to funding from the bank, the VP said there would be ample support to ensure projects are effectively implemented while supporting wealth and job creation.