Republic Bank working on compensating affected customers

The same day that the Bank of Guyana said it is actively considering imposing sanctions against Republic Bank Limited (RBL) for poor banking services, the latter said that it is working on measures to compensate customers who were affected recently by their operations.

RBL has been plagued by consistent disruption in its banking services which has resulted in lengthy delays and major inconveniences to customers. It has been ongoing for months.

“Importantly, at the Bank’s Annual General Meeting on December 9th 2019, Chairman, Nigel Baptiste, announced that the Bank is working on measures to compensate customers for the inconvenience experienced as result of the conversion to the new banking platform” the Bank said in a statement on Wednesday.

Meanwhile, Governor of the Bank of Guyana, Dr Gobind Ganga on the same day said that the company is “forcing” the Central Bank to institute penalties against them for the continued provision of poor banking services.

“The Central Bank has been in contact with Republic Bank to ensure they are putting the necessary structure in place but I should tell you, they have been very very slow,” Dr. Ganga shared.

In its statement that same day however, RBL sought to reaffirm its “commitment to fully resolve all new banking system-related issues by mid-December”.

In this vein, the Bank highlighted several moves currently being undertaken to improve its services before the deadline.

According to the Bank, customers can now access their accounts via the Bank’s Automated Teller Machines (ATMs) where a higher single transaction limit of $100,000 is now permissible.

In relation to payrolls, RBL noted that all that have been received to date, have been processed and the Bank is currently utilizing four payroll processing options to ensure customers have on-time access to salaries and bonus payments for the month of December.

Further, it highlighted that 82% of its Point of Sale (POS) terminals are now operable, facilitating customers’ payments at merchants, while they are continuing to address those outstanding for earliest availability.

At the same time, in-branch, resources have been redirected to ensure maximum support, while the Bank’s new Swipe Card feature will greatly reduce the need for completion of vouchers for some withdrawals and deposits.

The Bank also boasted of a reduction in the demand for call-centre customer support, as it explained that customer education efforts and call-centre support services are being improved.

“Wire Transfers are also being processed” the statement added.

RBL sought to reassure its customers that they remain a “priority” and that the Bank remains committed to ensuring that any inconvenience experienced by their customers and stakeholders is resolved at the soonest possible time.