Republic Bank’s hiccups may take about two weeks to be resolved - Central Bank

Republic Bank’s hiccups may take about two weeks to be resolved – Central Bank

Nov 27, 2019 News

The current hiccups at Republic Bank, which have sparked a severe backlash from customers, are expected to continue until mid-December.

The situation at the Water Street branch yesterday.

Central Bank’s Governor, Dr. Gobind Ganga

The Camp Street branch.

According to Governor of Bank of Guyana, Dr. Gobind Ganga, the Trinidadian-controlled commercial bank was written to last week for an update on the conversion process to a new platform.
Republic Bank, which has the biggest market share for the commercial banks, has since replied and disclosed to Central Bank, that the current issues will not be resolved until another two weeks.
It would serve as little comfort to the thousands of customers who have been left with little word since the conversion earlier this month.
With Christmas approaching, the frustrations are mounting.
For almost three weeks now, the lines at the ATMs and in the bank, which has several branches across the country, have been curling. Customers are complaining of being unable to access accounts. Quite a number of them were saved using their ATM cards at the Guyana Bank For Trade and Industry.
Yesterday, with month-end salaries payable, customers told of joining a line that turned out from the front door on Water Street at that main branch.
One employer had to change a salaries check at a private institution in order to pay staffers.
According to Dr. Ganga, the Central Bank is paying close attention to the situation.
He noted that two other banks had carried out conversion processes and while there were hiccups, managed to overcome the challenges very quickly.
On November 7th, Republic Bank Guyana in a notice told customers and stakeholders that it has “transitioned” to a new banking platform effective November 4, 2019.
“As with the introduction of any new system, we are experiencing some challenges. We recognize the impact to our service delivery, and wish to assure you our valued customers and stakeholders, that we are committed to resolving these challenges in the shortest timeframe possible.”
The bank asked for customers with queries to visit the nearest Republic Bank branch or contact a Customer Care Official at 223-7938 to 49 Ext. 2620 or via email at gyemail@rfhl.com.
However, customers have been taking to Facebook to criticize Republic Bank on the lines and the absence of answers for the delays.
The new platform will see customers receiving new account numbers. It is expected to streamline new payments and other transactions at a time when more online shopping and debit cards use are on the rise.
Kaieteur News reached out to Republic Bank for an interview, but while acknowledging receipt of the request, the bank did not immediately commit.
Republic Bank recently made applications to buyout the regional branches of ScotiaBank, including Guyana’s. However, regulators here have rejected the application, worrying about the control that Republic would be able to exert if permission is granted.

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