Financial services must extend to rural, hinterland communities – BoG Governor

…says launch of Flopay addresses a critical gap

Underscoring the importance of financial inclusion for sustainable economic development and shared prosperity, Governor of the Bank of Guyana (BoG) Dr Gobind Ganga is calling on institutions to ensure that their services capture communities in rural and hinterland areas across the country.
“Bank of Guyana encourages partnerships to be particularly mindful of our rural and hinterland communities. Financial inclusion must be truly inclusive. It cannot be a phenomenon limited to Georgetown and our urban centers,” Dr Ganga stated.
He noted that financial inclusion is not merely a policy objective, but a strategic priority of the Central Bank having recognised that expanding access to financial services is essential for poverty reduction, economic empowerment, and ensuring that all Guyanese benefit from the nation’s development trajectory.
“When we speak of financial inclusion, we envision an economy where every Guyanese, regardless of location or economic status, has access to affordable, convenient, and secure financial services that enable them to participate fully in our growing economy.”
“Despite our unprecedented economic growth, a segment of our population, particularly in the rural and hinterland communities, remain outside the formal financial system. Many small businesses still operate predominantly in cash, limiting their growth potential and exposing them to security risk. This financial exclusion perpetuates inequality and constrains our nation’s economic potential,” the BoG Head posited.
Dr Ganga made these remarks on Friday evening while delivering the feature address at the launch of Flopay – a new payment service designed to expand access to modern card payment solutions for businesses across Guyana.
Introduced via a partnership between Demerara Bank Limited (DBL) and Flowcatalyst Technology Consulting (FTC) Inc., the Central Bank Governor said Flopay will address a critical gap in the financial infrastructure by allow electronic payments through the widespread availability of point-of-sale systems.
While this, he pointed out, may seem like a modest technological advancement, its implications are transformative, providing users with not just a more convenient, secure and cost-effective option, but also a better record keeping tool.
“Demerara Bank Limited brings established relationships with Guyana’s businesses and a deep understanding of local market needs. Flopay contributes technology expertise and modern payment solutions. Together, they can reach merchants who have historically been underserved by traditional banking infrastructure… The real test of Flopay’s commitment will be its reach into communities where payment infrastructure has been most limited,” Dr Ganga stated.
As part of ongoing efforts to continue to modernise Guyana’s payment system infrastructure to ensure it can support growing transaction volumes efficiently and securely, the BoG Head went onto highlight the importance of creating a robust digital ecosystem.
He said Flopay’s entry into the local market represents an important building block in this ecosystem and is reflective of the Central Bank’s work to create the enabling environment for such innovations.
“Flopay’s commitment to provide both hardware and software solutions demonstrate the comprehensive approach needed to drive adoption. Too often, payment innovations focus solely on technology without addressing the practical challenges merchants face, such as set-up, complexity, training needs, ongoing support, and affordability.”
“By offering a complete solution, Flopay is lowering the barriers that have historically prevented small businesses from accepting electronic payment. Anyhow, the collaboration between Flowpay and Demerara Bank Ltd. exemplifies that partnership, which is essential for advancing financial inclusion. While Bank of Guyana provides regulatory oversight on infrastructure, the innovations and customer services that drive adoption come from partnerships such as this one,” the Bank of Guyana Governor asserted.

Culture change
Meanwhile, Chairman of DBL, Komal Samaroo, says the launch of Flopay is a giant leap forward for the business sector as well as for citizens, making it safer and easier to undertake transactions. He said the benefits of this transformative technological service will unfold in the coming years.
“I believe that this technology, and this service, that we’re launching…will result in a culture change in the way we do things in Guyana and in the way, businesses operate, particularly the small business sector across the length and breath of this country,” Samaroo posited.
The Bank’s partner in this initiative, FTC Inc., was founded by Canadian-based Guyanese, Aleema Seadath, a payment expert with over 21 years of experience in the global financial service industry working with United States-based Visa Inc.
According to Seadath, Guyana is moving forward rapidly and the country’s payment system must also advance. “Today, we take meaningful step towards that direction.”
She pointed out that moving to a technology-based system opens open financial opportunities especially for small businesses.
“When small business accepts only cash, opportunity is limited. Cash restricts who can buy, it restricts how much and it restricts how far a business can grow. Flopay was built to remove barriers. Flopay enables merchants to accept digital payments simply and securely. It operates under the sponsorship of Demerara Bank. Merchants’ fund remains completely with their banks… We do not replace banks. We enable transactions. We focus on the outer core of payments,” the FTC founder stated.
Similarly, Demerara Bank’s Chief Executive Officer, Dowlat Parbhu, noted that the launch of is another meaningful step in Guyana’s journey towards a modern, and digital financial ecosystem. He said, “This partnership is more than technology, it’s about vision, collaboration and nation-building… Flopay presents access, efficiency and empowerment.”
Flopay is supported by Visa, which Parbhu says sees Guyana as a strong mark and with potential to transform financial services.
Meanwhile, this moves to enhance payment services aligns with the Guyana Government’s push for a digital economy. Under the direct intervention of the Dr Irfaan Ali-led Administration, nearly all local commercial banks have now made banking access easlier by offering online opening of bank accounts.
In fact, to further encourage bank account ownership several targeted outreaches have been held across the country. The mining industry is one area where the government has been working to ensure operators have bank accounts.
Consequently, the Ministry of Natural Resources has collaborated with the Guyana Gold and Diamond Miners Association and the Small Miners Association, to facilitate an outreach by local banks for miners to access the entities and facilitate the opening of bank accounts in Bartica, Region Seven, on Wednesday.