The time has come to set up such a bank

Sep 21, 2016 Letters

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 center of finance. It is no secret the Afro-Guyanese’s approach to finance and banking is infused with a sense of up bringing that is ethnically different from the other citizen groups. There is nothing tribalist 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 shifted to financial empowerment for Afro-Guyanese i.e. 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, 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 amotization and terms that are reflective of income streams such as those derived from operation of mini buses and taxis, seasonal and contractual labor 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.
Keith Bernard

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