GUYANA– Local bank opens multi-million dollar branch with plans for faceless, cashless banking

On Friday, GEORGETOWN, Guyana, CMC – The country’s only indigenous bank, Demerara Bank Limited, opened a branch at Leonora, West Coast Demerara, and announced plans to move to more e-banking options and significantly reduce in-person transactions.

“We want to improve the banking facility, and we also want to promote more accessible access to banking to everyone.

“For that, we are trying to have four things in line: we have to have cheque-less banking, cashless banking, paperless banking, and faceless banking,” said Chief Executive Officer Pravinchandra Dave.

According to Chairman Komal Samaroo, the bank is embarking on utilizing cutting-edge technology, which will enhance the customer experience in terms of speed, convenience, and efficiency, thereby transforming the banking sector in Guyana.

The Leonora branch, constructed for $ GUY485M, includes a drive-thru ATM, a night deposit facility, and adequate parking.

In delivering remarks at the opening ceremony, Dave said the aim is to provide banking services in every area across the country.

“Expansion of banking is one of the leading indicators of our growth. From just one branch, this is the ninth branch,” he said.

In keeping with the modern era, Dave said Demerara Bank Limited is now technology-based, and the staff were “adequately” trained to ensure customers do not experience any difficulty during their transactions.

Demerara Bank Limited has been in existence for 29 years.

Meanwhile, Minister of Finance Dr Ashni Singh said investment in every sector in the country, Guyana, is witnessing transformation at a speed that has “scarcely” been seen.

“A few places illustrate the speed at which Guyana is being transformed.

“Leonora has emerged in two and a half years as a major center of economic activity, and that didn’t happen by magic. It didn’t happen by accident. It didn’t happen by luck or by chance.

“It happened as a result of deliberate policy choices that were made, deliberate decisions that were made.”

According to Singh, the government’s commitment is to ensure they maintain the growth that is being recorded to ensure a “well-regulated” financial sector that is conducive to growth.

“Demerara Bank has been at the forefront of the private sector response to an environment that President Ali and his government are creating…The best of your growth is yet to come,” he noted.