Opening bank accounts is about financial empowerment, not just cash grants – Ashni Singh

The Government’s efforts to encourage more Guyanese to open bank accounts are aimed at promoting long-term financial empowerment and inclusion, rather than simply facilitating the distribution of cash grants, according to Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh.
Speaking with this publication on the side-lines of a Government outreach in Region Five (Mahaica-Berbice) on Friday, Singh said the initiative forms part of a broader strategy to bring more citizens into the formal banking system and improve their access to financial services and economic opportunities.
The Minister noted that while the Government has encouraged citizens to provide bank account information for the direct deposit of cash grants, the objective extends well beyond the current programme.
“This is not only about opening bank accounts to get the cash grant. This is also about opening bank accounts to establish a relationship with the bank,” Singh explained.
According to the Finance Minister, many Guyanese who have never participated in the formal banking system may find it difficult to access credit and other financial products when they need them.
“You can’t want to go into the bank for the very first time to say you want a loan. You have to build a relationship with the bank. The banking system knows you, and you build a track record with the banking system,” he said.
Singh disclosed that thousands of Guyanese have already opened bank accounts for the first time since the Government intensified its efforts to promote digital payments and financial inclusion.
He noted that the process has been made significantly easier through simplified account-opening requirements and the introduction of online registration systems by commercial banks.
“The banks now have online platforms that you can go to on your phone and register to open a bank account. So we have made it simpler to open bank accounts. Thousands of persons have opened bank accounts for the first time, and we welcome that and we encourage it,” he said.
The Minister stressed that encouraging citizens to enter the banking system is part of a wider national effort to expand financial inclusion.
“There is something called financial inclusion, and financial inclusion is all about getting people into the formal banking system. And we are promoting financial inclusion. We want as many people to be part of the formal banking system,” Singh explained.
He added that maintaining a banking history can improve a person’s chances of accessing loans and other forms of financing in the future.
“The longer you are part of the formal banking system, the more likely you are able to get a loan. If you have a long track record with the bank, they are more likely to give you a loan than if you just walked into the bank for the first time to say, ‘I want a loan,” he said.
Singh said President Dr Irfaan Ali’s Administration views greater participation in the banking sector as an important component of economic advancement and personal financial development.
“There is a reason why President Ali is encouraging people to open bank accounts. It is part of financial inclusion and financial empowerment,” the Minister stated.
He noted that the Government will continue to encourage citizens to utilise digital and financial services as it works towards modernising service delivery and expanding opportunities for Guyanese across the country.
According to Singh, greater financial inclusion will not only improve access to banking services but also help more citizens participate fully in the country’s rapidly expanding economy.