Financial services sector should be ready to adapt to expansion in demand

Finance Minister Dr Ashni Singh has projected that the demand for credit and financial services in Guyana will grow astronomically so the financial services sector will have to adapt to ensure it is able to respond to this rapid expansion in demand.

In a recorded message to mark Demerara Bank’s 30th anniversary on Thursday, Dr Singh said looking ahead, banks will have an extremely important role to play as the Guyanese economy goes through this era of rapid economic growth.

“The Financial Services Sector in Guyana will definitely have to adapt to ensure that it responds to this rapid expansion in demand for its services,” Minister Singh said.

This, he posited, raises important issues like access to financing by the private sector and more innovation in the tools and instruments that are used by the Financial Services Sector to deliver credit and financing to the private sector.

“It also has very important implications for things like financial inclusion, bringing more people in to the banking system and delivering banking services to more people.

“I anticipate that in the coming months and years ahead, there will be a very significant need for the financial services sector to adapt and respond to the needs of this rapidly growing, changing economic situation,” Dr Singh said.

Government officials have advocated for a modernisation of the banking sector.

President Ali recently said banks have a role to play in helping Guyanese become more financially sophisticated. That includes encouraging more electronic transactions instead of a continued, heavy reliance on cash. Doing so, he said, helps to integrate Guyana’s financial services with the rest of the world.