Major cash transfer announcements coming before year end – Pres Ali assures

– says targeted interventions for individuals, vulnerable groups

– urges Guyanese to open bank accounts

President Dr Irfaan has assured Guyanese that he will soon be making announcements regarding cash transfers to citizens, including targeted interventions for vulnerable groups, before the end of this year.
“Let me be very clear… I’m going to announce before the end of the year a series of measures, not only looking at cash grants but also looking at the total empowerment of every Guyanese, whether you’re someone living with a disability, elderly, a child, a woman, a small business owner, or a farmer – you name it, every category,” the Head of State announced during an interview on Wednesday in Brazil, ahead of COP30 next week.
According to President Ali, however, this comprehensive slew of measures will not only run into the new year but also into the Government’s cycle over the next five years.
He pointed out that this move is part of a big mechanism that is geared at supporting wealth creation, supporting productivity and supporting vulnerable groups.
But even as he assured Guyanese of a cash grant announcement, President Ali explained that these measures will tie into the digitising efforts that his Government has been undertaking over the last few years.
In fact, he noted that to ensure these cash pay-outs are done in a systemic way, the Guyanese leader is urging Guyanese to ensure they open a bank account. The Guyana Government has already been working along with stakeholders in the local financial sector, including commercial banks, to remove the hassle and archaic systems as it relates to banking transactions, including opening new bank accounts.
“You have seen the improvement. You can now open your account online [with] very minimal requirements for accounts below one million dollars and so on. So, there’s no excuse. We want every Guyanese to own their own bank account so that this digital transfer would be easy and efficient and, of course, transparent,” the Head of State noted.
The Guyanese leader noted that the Government will be putting the mechanism in place and finalising the system of delivery, as he implored Guyanese to similarly do the same and ensure their bank accounts are in order so that the cash pay-outs can be seamlessly done.

Banking
Only last week, it was announced that from November 1, persons will be able to open bank accounts online at four major local commercial banks.
This feature is currently available at Demerara Bank Limited (DBL), the Guyana Bank for Trade and Industry (GBTI), Republic Bank Guyana Limited, and Scotiabank. Other local banks are expected to introduce similar mechanisms next year.
Senior Minister with Responsibility for Finance, Dr Ashni Singh, made the announcement of this new online feature at an event last Thursday evening. He disclosed that the Governor of the Bank of Guyana (BoG), Dr Gobind Ganga, recently issued the guidelines to further simplify the arrangements for opening bank accounts locally.
Over the years, the Guyana Government has been collaborating with local banks to modernise operations, expand access, and align Guyana’s financial system with its growing global stature.
In an invited comment, the Governor of the Central Bank expressed that this is a significant development in the local banking sector.
“This is part of our effort to ensure there is financial inclusion… [and] to make it easier for people to get into the banking system. Once they are able to do that, then they’ll be able to uplift themselves and have access to financial services like loans, deposits or whatever else they would need… and make it more efficient for them to transact business and [allows for] the ease of transacting business,” Dr Ganga told the Guyana Times last week.
Previously, President Dr Irfaan Ali had revealed that the Government will implement measures to encourage more citizens to open bank accounts, noting that “we have to be able in the shortest time frame to ensure every Guyanese has a bank account”.
Moreover, the Head of State had also announced, in the past, plans to amend the Financial Institutions Act to improve the overall banking sector in Guyana.
In fact, in keeping with the Government’s push towards digital transformation, the Head of State had engaged stakeholders from the financial sector back in September to discuss modernising the local banking industry.
According to a brief statement from his office, “…Discussions focused on modernising the banking sector to address ongoing concerns faced by citizens and on plans to ensure commercial banks keep pace with the Government in implementing digital transformation.”
During a subsequent meeting on September 30, President Ali announced a slew of measures aimed at strengthening Guyana’s financial system, with a specific focus on financial and banking services and the foreign currency market.
The Head of State outlined nine key measures to guide commercial banks in maintaining the stability of Guyana’s financial sector. The implementation of these nine Standard Operating Procedures (SOPs) is designed to tighten foreign exchange controls, improve transparency, and prevent abuse of the system, especially in the context of rising demand and capital flight.
At that meeting, the representatives of the various local commercial banks expressed their support for these measures, which they acknowledged will ease some of the difficulties they currently face, especially as it relates to foreign currency transactions.