GBTI takes banking to Port Kaituma

Residents of Port Kaituma have challenged the Guyana Bank for Trade and Industry Limited (GBTI) to make loans easily available to the small-scale operators to ensure its multimillion dollar investment succeeds. These comments were made as the bank launched its 11th branch in the Region One mining hub on Saturday, at the Port Kaituma Community Centre in the North West District.

Conrade St Romain, a senior resident of the community, spoke on behalf of the 3000 strong population of Port Kaituma. While expressing gratitude to the bank for settling in the area, St Romain also spoke of the need for the local residents to be granted the financial opportunity to expand their mining operations, as they believe that too many outsiders currently dominate the lands in the area.
Negligence
“Over the years, my people have been left out, maybe because of negligence, because now all the mining grounds are occupied by outsiders. Residents of Region One don’t have enough land and if this bank is to be successful, something has to be done for the residents,” St Romain said, to resounding applause.
He reiterated that the financial base of Port Kaituma lies in the operations of the small miners who need to be given access to more lands in order to sustain their developing community.
St Romain’s petition was acknowledged by Prime Minister Samuel Hinds, who gave the feature address at the ceremony.
But the prime minister outlined that access to financing from the bank does not only mean increased opportunity, but also the chance for other prospects, namely improvement of current mining practices, as well as diversification into other areas such as aquaculture, agriculture, handicraft, and timber.
“We need to  recognize that mining is an activity that does not last forever in any area, but it brings an initial population to that area and the investments to set the base for the future, for the people to take up other things,” Hinds encouraged.
Hinds stated that GBTI’s presence in Region One will have immediate advantages, preventing residents from saving their money at home and allowing them financial resources to improve their lives.
He expressed hope that this development would also help to improve the residents’ self- esteem.
“We hope that the residents will look at themselves differently; feel better about themselves; we hope that they will not feel that they are isolated or that they are any less than the people from Georgetown,” Hinds said.
Social obligation
GBTI Chairman Robin Stoby, SC, during brief remarks said the opening of a branch in Region One is part of a social obligation to promote the financial inclusion of all citizens in order to promote development in Guyana.
“Financial growth follows financial inclusion… the latter has become one of the most critical aspects of inclusive growth and development. This means that every citizen can add to the nation’s progress,” Stoby said.
He added that it is obvious that Port Kaituma is in a stage of rapid development, which is one of the main reasons the bank chose this area to open its 11th branch.
“You are no longer considered a frontier town and in recognition of that, a bank suggests that you are being given the impetus to reach the hopes and aspirations and fulfil the dreams which your community has in mind.”
GBTI branches
GBTI now has branches across the country, including in Lethem, Corriverton, Anna Regina, Parika and Vreed-en-Hoop. The bank was commended for being the first to take the initiative to set up operations in a far outlying area. The bank’s chief executive officer, John Tracey stated that the move is due to a 10-year-old appeal from the prime minister for banks to extend their reach to areas, in the hinterland, which he said were rapidly developing.
Many residents – some of whom are existing customers of the bank – have expressed delight in having the bank in the area as it will free them from having to travel to Georgetown to fulfil their banking needs.
The prime minister also used the forum to address other burning concerns that were expressed by the residents during his short visit to the region.