Dear Editor,
A bank is the life blood of a community. Moreover, a bank that caters to its community in ways that cares and respects the indigenousness of that community becomes more than a centre of finance.
It is no secret that the afro-Guyanese approach to finance and banking is infused with a sense of upbringing that is ethnically different from the other citizen groups. There is nothing racist about setting up an afro-Guyanese bank to lend more money to small businesses, potential homeowners and others to reinvest back into the community they know and love. It is time the debate shift to financial empowerment for afro-Guyanese ie economic self-awareness.
Let me be clear an afro-Guyanese bank will serve all people of Guyana, but its mission is to empower afro-Guyanese economically by underwriting loans with the added understanding of its primary customers. Moreover, it is in the interest of afro-Guyanese to support such an entity as an investment into building their future by cyclically compounding wealth.
What “form” should such a bank take to accomplish its primary mission? For starters it should have its headquarters in a predominantly afro-Guyanese locale, for instance Hopetown in West Berbice.
Next, there should be a marketing campaign with emphasis on the unique services and products offered to its primary customers. Products such as loans structured to clients with special atomisation and terms that are reflective of income streams such those drive from operation of minibuses and taxis, seasonal and contractual labour arrangements.
For example, 30-year mortgages, reverse mortgages, asset back lending including, inventory of market stalls, gold and other precious metals. Other forms of lending should include non-traditional guarantees such as churches, savings clubs, farming clubs, pension accounts, contract awards, and insurance awards and annuities.
This idea is not new and if implemented will serve as another symbol of pride for the afro-Guyanese community.
Yours sincerely,
Keith Bernard