Pres. Ali hits back at critics over $50 bank fee on $100k cash grant deposits

President Dr Irfaan Ali has responded to criticism over the $50 bank fee applied to the $100,000 national cash grant deposits.

Opposition Member Ganesh Mahipaul raised concerns about the deduction, arguing that the government should engage banks to waive the fee so that every Guyanese receives the full $100,000.

“So the Ministry of Finance deposited $100,000 in my account but I actually got $99,950 because the bank charge for the transaction is $50. Assuming all banks will charge $50 per transaction and 600,000 people are expected to get this cash grant via bank deposits, that means the banking system gets $30M from the cash grant sum while collectively Guyanese 18 and older lost $30M from the total cash grant sum. The Government should negotiate with banks to waive the banking system charge fee and every Guyanese should get their full $100,000,” Mahipaul contended in a Facebook post.

However, President Ali dismissed these calls, emphasising that despite the minor charge, the initiative will still deliver significant benefits to citizens.

“Yes, I support, a bank, as much as possible should not charge these fees, but let us look at the reality. You no longer have to spend maybe $1,000 in taxi fee to go to the bank to deposit a cheque. You don’t have to lose maybe two hours of productive time to go to the bank. Two hours of productive time, $1,000 saving in taxi fee, and you do it from the comfort of your home, you now receive this check in your account,” the Head of State highlighted on Monday evening.

“Now, what kind of rocket scientists you need to understand that the benefits are enormous,” he expressed.

The government has announced that the $100,000 cash grant will be deposited directly into citizens’ bank accounts.

Public servants, whose bank details are in government’s database, have already received the money.

For other citizens, the government plans to launch a new online platform where persons can submit their bank account details to receive the funds.

To be eligible to receive the cash grant paid into a bank account, an individual must be a Guyanese citizen aged 18 years or older as of February 28, 2026, possess a valid National Identification Card or Guyana passport, have a bank account in their name at a local commercial bank, and be physically present in Guyana at the time of registration.