GBTI Essequibo celebrates 19th anniversary with loyal customers

Aug 07, 2017 News

By Romario Blair

The Guyana Bank of Trade and Industry (G.B.T.I) celebrated its 19th anniversary on Friday at its Anna Regina, Essequibo, branch with several of its customers.
Many distinguished customers had the opportunity to meet and socialize with CEO ag, Shaleeza Shaw, Dev Persaud Branch Manager of Anna Regina, and senior Management from the loans office, head office.
Since July 13th 1998, the Anna Regina Branch office has been zealously serving the communities within the Pomeroon Supernaam Region. The office gives to their customers financial support, via the different loaning systems available.
Customers and other stakeholders were eager to hear a review of the bank’s Financial Year 2017, which was read by the Bank’s CEO, Shaleeza Shaw.
Shaw initially reflected on the Essequibo Coast some five years ago, a period in which Essequibo was rapidly excelling in gold mining. Though the Essequibo is highly dependent on rice, Shaw explained that “the mining sector was driving all other sectors in the economy.”
Reflecting on the year 2017, she added, “Last year, (2016) around this time, there was a little dismal feeling. But I am pleased because for the past seven months things would’ve started to pick up. A year ago the market for rice was questionable, but now things are picking up. Some sectors are picking up like rice and construction, so more disposable income comes on board. The year 2018 might either stay at the same level or move up minimum. It’s hard to predict accurately especially since there isn’t assurance that the markets would last.”
Shaw said that she admires the posture of ‘diversity’ adopted by local businessmen on the Essequibo Coast.
“The businessmen in the area have been quite successful. Entrepreneurs on the coast have grown diversified businesses so that they have more income, all which help to cushion the financial constraints.” said Shaw.

Manager of Anna Regina branch, Dev Persaud (left) sticks cake with CEO Shaleeza Shaw (right)

While the support of the private sector plays an integral role in GBTI’s survival, Senior Management realised, and approached the government for their intervention. The bank eventually realised that the agriculture sector was under severe constraints. Shaw said that “efforts were made by GBTI to have persons in the government sector provide incentives to catapult the agro industry.” The Bank hopes that in future the government invests funds from the Oil and Gas Industry into the Manufacturing Sector. Shaw is confident that the exports from the manufacturing sector would generate enough foreign currency. As a result, the bank would steer clear of the shortage of foreign currency, as experienced earlier this year.
Reports filtered to the bank’s Senior Management also indicated that the Anti-Money Laundering Bill has been frustrating for customers, with regards to its regulation of declaration. Shaw noted, “Customers now need a lot more of requirement before we can onboard them. They need their proof of address, ID, financial statement, cash flow and for some their license. We now find that banking has taken on a more regulatory requirement.”
GBTI is currently seeking to have central bank soften some of the requirements for customers who may be pensioners and housewives. Shaw added, however, that the Anti- Money Laundering legislation had no negative effects on the bank. Shaw said that “as an advantage to the Bank, customers have become tidier in their affairs. We noticed that customers now have their registration, and financials up-to-date, especially since it can be a hindrance if they don’t. This in turn enables a structured business environment.”
GBTI recently introduced to customers their new Chipped visa card, which offers more security for persons conducting transactions. Management believes that it has done fairly well in Essequibo, thanks to an industrious workforce complemented by supportive customers.