Build more trust between the Black Community and the banking sector
There is growing concern in the Black community in Guyana about inequalities in the banking sector. One of the activities planned for this year’s ‘Black History Month’ is, ‘Talks on Building Greater Trust between the Black Guyanese Community and the Banking Sector’. A few leaders in the local Black community are organizing these talks, which will be with individual Banks or the Guyana Banking Association.
The aim of these talks is for Black leaders to develop a better understanding of the challenges, experiences and expectations of the banking sector in Guyana with the Black community, compared to savings, credit, business and investment. The purpose is to develop a better understanding of banking sector expectations, which would assist the community in reorganization to meet those requirements.
One of the objectives of these commitments is to inform a broader program to enable greater intergenerational economic stability in the Black community. It is also hoped that these conversations will create greater awareness among policy makers and banking decision makers of concerns in the Black community and the need for a review.
Over the years, the body of knowledge and expertise in the Black community has expanded and continues to expand, yet it is felt that banking sector policies have not evolved. As such, it is hoped that these commitments will also inform a review to determine the extent to which the findings of the Black community banking sector, in relation to financial management, are accurate.
Furthermore, with Guyana being one of the fastest growing economies in the world, as a new oil and gas producing and exporting country, questions are being asked about what review and reforms the banking sector is undertaking and seeks to maintain them to reduce inequalities, in terms of increasing choices and opportunities in business and investment, etc. for the Black community.
In addition, other groups, which need to be considered in these discussions, are Amerindians and the disabled.
Once engaged with the banking sector, leaders will address these issues with the Black community and develop a program to increase the level of trust.