Demerara Bank to roll out digital wallet, new e-banking upgrades and advanced trade processing

Demerara Bank Limited is preparing to transform banking in Guyana with the launch of its first mobile app, a revamped e-banking platform, and cutting-edge digital services designed to give customers greater control and convenience.

The announcement was made on Saturday by Jerrett Morgan, Senior Manager of Visa Operations and Finance, during an event at the bank’s corporate office on Camp Street, Georgetown. He said the upgrades—supported through Demerara Bank’s partnership with the Bank of New York Mellon (BNY) for international payments—are aimed at putting “more power in the hands of the consumer.”

“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 explained.

While acknowledging Guyana’s heavy reliance on cash, he said the bank is carefully introducing innovations that encourage electronic payments. Earlier this year, Demerara Bank launched its Priority Pass programme, linked to its signature card, giving clients access to hundreds of airport lounges worldwide.

Now, the bank is taking bigger steps. Among the upcoming features are:

Digital wallets and tokenisation: Customers will be able to add cards directly to their mobile devices.

Transaction controls: Users can choose which types of transactions to allow or block.

Enhanced security tools: New protections for safer online banking.

Integrated customer support: Expanded assistance across digital channels.

One of the most significant advances will be in foreign trade processing. Demerara Bank will soon become one of the only banks in the Caribbean—and among the few in South America—to introduce machine-to-machine (M2M) processing of foreign transactions.

“This major change will reduce manual intervention and operational burdens, not just for consumers, but for the bank,” Morgan noted.

He stressed that Demerara Bank is committed to staying ahead of global trends, pointing out that while many still view plastic cards as modern, they are already being overtaken worldwide by digital solutions.

“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.

The upgraded e-banking platform will serve as the hub for these innovations, offering customers a modern, secure, and flexible digital banking experience.