The government is advancing a major financial inclusion initiative aimed at transforming how hinterland residents access banking and financial services through a new digital payment system linked directly to bank accounts.
Speaking at the National Toshaos Council (NTC) Conference on Tuesday, Vice President Dr Bharrat Jagdeo said the initiative will allow residents to make payments using QR codes on their mobile phones, reducing reliance on cash transactions and eliminating the need for frequent travel to urban centres to access banking services.
The Vice President explained that the government is working with financial institutions and an Indian technology partner that has successfully implemented a similar system for more than 1.4 billion people in India. Under the initiative, residents will be able to open and use bank accounts, receive payments, access loans, and conduct transactions digitally.
“This will be a game changer for people who live in the hinterland. You can do everything through your bank account,” Dr Jagdeo stated, noting that government grants and other payments can be deposited directly into accounts while vendors will also be equipped to accept QR code payments.
He noted that while most hinterland communities already have access to Starlink internet services, efforts are continuing to improve broader internet accessibility for residents.