Managing Director of Citizens Bank Limited, Eton Chester on Friday announced a reduction in the interest rate on low-income mortgages and the elimination of legal fees for qualifying borrowers, as the bank officially opened its new branch in Bartica, Region Seven (Cuyuni/Mazaruni).
Speaking at the opening ceremony, Chester said the bank has a longstanding agreement with the Government of Guyana to provide low-income mortgages and has decided to further ease the burden on homeowners. Currently, Citizens Bank charges an interest rate of 4.95 per cent on loans of up to $30 million. However, Chester announced that the rate will now be reduced to 4.6 per cent.
He also disclosed that the bank will cover legal costs associated with the mortgages, noting the challenges faced by smaller borrowers.
“We know the challenges that small borrowers face when it comes to paying the legal fees, and effective from today, the bank will be putting in place a system where these homeowners will no longer be required to pay the fees,” he stated.
Chester noted that the branch is staffed mainly by women, all of whom were born and educated in Bartica. “Barticians serving Bartica,” he remarked, highlighting the bank’s decision to employing local residents and supporting local development.
Meanwhile, according to the Department of Public Information (DPI), Citizens Bank commenced operations in Bartica on April 3, 2000, from a 938-square-foot office with a staff complement of eight employees. Since its establishment in Bartica, DPI said the branch has approved and disbursed more than $5.5 billion in loans for housing, businesses, transportation, equipment acquisitions and other productive ventures. Approximately $1.8 billion of that total was approved during the last five years.
The branch currently serves around 7,000 customers across Region Seven, according to DPI.
The newly commissioned facility features expanded customer service areas, enhanced banking technology, a drive-thru automated teller machine (ATM), improved accessibility and a dedicated digital support area aimed at helping customers access online banking services and improve their financial literacy.
The expansion has also generated additional employment opportunities, with the number of employees increasing from nine to 17.
President Irfaan Ali, who attended the opening with Finance Minister Dr Ashni Singh and other officials, disclosed that discussions are already underway with Citizens Bank to establish a development bank desk at the institution to provide support to residents of Region Seven. He added that plans are also being explored for the creation of a dedicated desk to facilitate services related to electronic identification (ID) cards.
Discussion