Demerara Bank pushes digital frontier with mobile wallet, e-banking upgrades, and trade automation

Demerara Bank Limited said on Saturday it plans to modernise Guyana’s financial landscape with the launch of its first mobile banking app, a revamped e-banking platform, and advanced digital services designed to change how customers manage money locally and abroad.

The announcement was made at the bank’s corporate office on Camp Street, Georgetown, where Jerrett Morgan, Senior Manager of Visa Operations and Finance, outlined the institution’s digital-first vision.

“At the heart of this, we want to put more power in the hands of the consumers, allowing their banking experience to be versatile, flexible and allowing them to bank as they need,” Morgan said.

Key features include digital wallets that allow customers to load cards onto their devices, tighter transaction controls, and upgraded online security tools. The system will also integrate customer support across digital platforms, making remote banking more seamless.

Demerara Bank will also introduce machine-to-machine (M2M) processing of foreign transactions, supported through its partnership with the Bank of New York Mellon. The move will reduce manual intervention, speed up cross-border payments, and ease the burden on businesses and consumers, the bank said.

Guyana continues to rely heavily on cash-based transactions. Morgan acknowledged this preference but stressed the need for a gradual shift toward electronic payments. Earlier this year, Demerara Bank tested digital services with its Priority Pass programme, offering premium cardholders access to airport lounges worldwide.

“Plastic cards are seen by some as the future, but globally it is the past. As we make advances in card payments and technology, you’re going to see much more coming from Demerara Bank going forward,” Morgan said.

With its new e-banking hub as the backbone, Demerara Bank aims to position itself as a leader in financial innovation amid Guyana’s rapidly expanding economy.