October 5 has been set as the launch date for the new Development Bank, President Dr Irfaan Ali announced on Monday, as 59,951 new bank accounts were opened in the past five months alone.
Ali made the announcement at a press conference at his Shiv Chanderpaul Drive office. Capitalised at US$100 million, the bank will offer affordable financing options, including zero-interest and zero-collateral loans of up to $3 million for eligible borrowers, to support Guyanese seeking to establish or expand businesses in key sectors such as agriculture, agro-processing, manufacturing, tourism, services and technology.
"That will come into operation in October," the president told reporters.
The bank's launch comes against a backdrop of expanding financial inclusion. Between October 2024 and August 2026, 179,758 new bank accounts were opened across Guyana's six commercial banks and two non-bank deposit-taking institutions, with 96 per cent of those in the banking sector proper.
Ali linked the jump in accounts opened between April and August 2026 to the recent easing of requirements for opening accounts. (Rewritten from DPI)

President Dr Irfaan Ali