Fintech, e-banking being explored to improve access to cash grants

The government is exploring options such as Financial Technology (Fintech) and e-banking to ensure improved access to cash grants, General Secretary of the People’s Progressive Party/Civic (PPP/C), Dr Bharrat Jagdeo, said on Thursday.

Speaking at his weekly press briefing, Dr Jagdeo stressed that no one will be denied access to cash grants, including residents in hinterland areas of the country.

Dr Jagdeo said the government is exploring ways to get citizens connected to the financial system. “Even people who live in the most remote parts of our country, or say, Baramita. This is where Fintech, internet banking, mobile banking, is important. And that’s what we are working on aggressively, to see whether through the taxation system we can encourage people to provide that service. So, you have a phone, internet connection, you can check your account, you can have an account, you can have the money paid into your account,” he noted.

He added that while a bank will not be available in every area, some central locations will have terminals to provide greater access. “So, say, the five sub-districts in Region Nine. They can all have, like, a central area where people can go, and then they can come to those areas and do banking transactions. You’re not going to be able to have full-fledged banks, but those kinds of units. So, when the president urged people to set up a bank account, we’re hoping that more people will be doing this, and then it’s easier for us. You don’t have to go and join a line,” he said.

Dr Jagdeo emphasised that the government will ensure no one is excluded. “But nobody will be excluded because they want a bank. We’re not going to do that, especially in the remote areas in the country,” he stressed.

He noted that in some areas, such as Region One, complaints had been raised during the last distribution when citizens were unable to cash their checks. “People became a little dissatisfied with us. Because we gave the checks, but they said, we have the checks and we can’t get our money. And then they blame us for it. So, we had to work out all sorts of arrangements for that,” Dr Jagdeo indicated.