By Mark DaCosta- The inaugural “Banking Made Easier” Conference, organised by the World Trade Center Georgetown (WTCG) in collaboration with Demerara Bank Limited (DBL), has reportedly set the stage for significant transformation in Guyana’s banking sector. Held on November 26, the conference brought together government officials, financial industry leaders, local businesses, and the Guyanese diaspora to discuss innovative banking solutions aimed at fostering economic growth and improving financial access for underserved communities across the country.
The event, which featured a series of presentations and discussions, focused on how modern banking technologies and strategies can be leveraged to strengthen the financial system and drive economic progress.
Economic transformation
Opening the event, Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance and Public Service, spoke to the importance of the conference in the context of the country’s ongoing economic transformation. “This is appropriate and timely, given the transformation and modernisation that is taking place in the country at a meteoric rate.” He also praised the establishment of the World Trade Center in Georgetown, describing it as a symbol of the country’s rising global significance, as only a select few cities worldwide are host to such centres.
Dr. Singh further commended Demerara Bank Limited for its ongoing efforts to improve financial accessibility, especially for communities that have traditionally been excluded from formal banking systems. “DBL has done an outstanding job at improving accessibility of banking services and improving access to those services in communities that were previously underbanked,” he said. He also highlighted DBL’s remarkable growth in credit to the private sector, which has surged by 58 percent over the past three and a half years.
Addressing the future of banking in Guyana, Dr. Singh stressed the need for innovation in banking services, particularly in terms of access. “There will come a time when you won’t have to go into the bank to open a bank account or to apply for a loan,” he predicted. He encouraged financial institutions, including DBL, to continue pioneering new solutions that would ensure broader financial inclusion, particularly in remote and underserved areas.
Small businesses
Komal Samaroo, Executive Chairman of DBL, also addressed attendees, emphasising the vital role that the private sector plays in driving Guyana’s economic growth. “When it functions well, the private sector sparks innovation, unlocks economic opportunities for those who need them most, and drives a more efficient and sustainable use of natural resources,” Samaroo stated. He also underscored DBL’s deep understanding of the challenges faced by local businesses, given that the bank was born out of Guyana’s private sector. Samaroo concluded his address by expressing hope that the conference would provide valuable insights and connections to help local businesses expand internationally and succeed in the global marketplace.
The keynote speaker, Mr. Robin van Puyenbroek, Executive Director of Business Development at the World Trade Centers Association, shared his expertise on supporting small businesses. His presentation, titled “Supporting Micro, Small, and Medium Enterprises (MSMEs) through US EXIM Bank Products,” focused on the crucial role that MSMEs play in driving economic development. He highlighted opportunities for improving financial access and presented various financing models that could be adopted in Guyana. Van Puyenbroek also stressed the importance of collaboration between policymakers, financial institutions, and MSME stakeholders to foster a sustainable and inclusive economy.
Financial landscape
In addition to the keynote, Dr. Gobind Ganga, Governor of the Bank of Guyana, shared insights into the broader financial landscape, while representatives from DBL highlighted the bank’s recent achievements, including the successful implementation of Salesforce, a world-class customer relationship management platform that incorporates artificial intelligence (AI) to improve customer service. The conference also spotlighted DBL’s commitment to technological innovation, with a focus on making banking services more accessible through digital platforms.
Several key statistics shared during the event underscored the bank’s position. DBL has reportedly seen a 34 percent increase in lending over the past year, accounting for 38 percent of the total lending in the banking sector. Despite this aggressive growth, DBL has maintained an excellent credit portfolio, with zero non-performing loans. The bank also has the highest return on assets (3.1 percent) in the sector, well above the industry average of 2.1 percent. Moreover, DBL’s capital adequacy ratio was said to stand at 23.53 percent, far surpassing the industry average of 18 percent.
It was revealed that looking ahead, DBL has ambitious plans to become the first fully digital bank in Guyana, with the goal of offering a range of digital services, including the issuance of digital Visa cards. This transition is expected to further enhance the convenience and accessibility of banking for all Guyanese citizens. Additionally, DBL’s improved loan processing system, which allows retail loans to be processed within 20 minutes and completed within 1–2 days, promises to streamline access to credit for businesses and individuals alike.
Reaching Guyana’s hinterland communities
Dr. Singh spoke, too, of the importance of reaching Guyana’s hinterland communities, emphasising that financial inclusion should extend to every citizen, regardless of their geographic location. He called on financial institutions to collaborate with the government in expanding their reach to these remote areas.
At the event’s conclusion, Mr. Wesley Kirton, Executive Director of WTCG, reaffirmed the World Trade Center Georgetown’s commitment to supporting Guyana’s MSMEs. He stated that the WTCG’s role is not to compete with other business organisations but to complement their efforts and collaborate on initiatives that foster long-term growth and sustainability.
The overall tone of the conference conveyed the conviction that Guyana’s banking sector is on the brink of a major evolution. With increasing digitalisation, better access to credit, and ongoing efforts to ensure financial inclusion, the future of banking in Guyana looks bright.
