Last Updated on Tuesday, 24 March 2026, 21:54 by Writer
President Irfaan Ali on Monday defended the decision by commercial banks to deduct a transfer fee from the GY$100,000 cash grant that is being deposited into accounts of government employees, even as opposition A Partnership for National Unity (APNU) member of parliament Ganesh Mahipaul insisted on a waiver.
Speaking at the opening of Demerara Bank’s branch at Beterverwagting, East Coast Demerara, he supported the sentiment that banks should charge the transfer fees.
At the same time, he said realistically Guyanese would not have to pay as much as GY$1,000 in taxi fares or lose two hours of productive time to go to the bank to deposit the cheque. “Now, what kind of rocket scientist you need to understand that the benefits are enormous,” he said.
He said critics of the cash grant bank transfer fee are those who present themselves as prospective leaders and policymakers. “I just hope and pray that the people of our country understand the levels that we’re dealing with,” he said.
But Mr Mahipaul of the People’s National Congress Reform (PNCR)-led APNU maintained that commercial banks should waive the transfer fee or government should pay it because GY$50 could mean a lot to many persons.
“That fee should be waived by the banks, and if not, then it should be absorbed by the State, especially since over $1B was budgeted and approved for administrative costs that will now be significantly reduced.
For some, $50 might seem small. But for many Guyanese, $50 matters. People who struggle for $1 understand the value of every dollar. And let’s not forget, when you go to withdraw your money, there’s often another charge. The principle is simple. Citizens should receive the full value of what is allocated to them,” he said.
Meanwhile, the President has set the Bank of Guyana a six-month timeframe within which the national payment platform must be fully operational, and “we must have access to digital wallets at the national level.”
He noted that Demerara Bank would be launching its own digital wallet for its customers in another few weeks.
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