Market Intelligence
Banking Financial Services Information and Communication Technology

Guyana Financial Sector

Guyana’s financial sector is underdeveloped relative to its fast-growing economy. While commercial banks remain cautious in their spending and credit criteria are stringent, the country’s oil-driven economic expansion is creating strong demand for modern financial products, expanded access to banking, and innovative payment systems. Approximately 40% of the population is unbanked, reflecting structural barriers such as rigid requirements, cultural hesitance, and infrastructure limitations (e.g., unreliable internet connectivity).   The rigid requirements include Anti-Money Laundering and Countering the Finance of Terrorism (AML/CFT) efforts by banks to conduct customer due diligence and risk assessments to understand potential threats.
Cash remains dominant. Many taxis, supermarkets, and small businesses avoid card-based transactions, and even where credit cards are available, some banks require cash deposits upfront before issuance. In this environment, the number of merchants that accept transfers from prepaid mobile phone wallets is steadily expanding.

The government has been soliciting U.S. banks [LK1.1][AE1.2]to provide international commercial banking services and products to meet the growing demand in Guyana. There is also a pressing need for non-traditional financing mechanisms for local small and medium-sized businesses, particularly for ventures with limited collateral and loan needs that exceed the $30 million Guyanese dollar (U.S. $147,000) amount that is commonly available.

For a company to open a bank account, the following may be requested:

  • Certificate of Incorporation/Registration or evidence that the company is legally registered.
  • TIN Certificate for the company showing the Tax Identification Number.
  • Annual Return/Shareholder Declaration, such as the most recent Annual Return filed with the Companies Registry or a declaration of beneficial owners and shareholders.
  • Proof of Address, such as a utility bill (electricity, water, or landline) sent to the company’s address within the last 8 months.
  • Financial reports or statements for the last three years or, in the case of a startup, an estimated income and expenditure statement for three years.
  • Character references for the company, which may include a banker’s reference and a reference from a major supplier or relevant associate.
  • For the directors and signatories, requirements may include a) a valid government photo identification, such as a passport or other government-issued ID Card, b) proof of address of the director or signatory, such as a utility bill or driver’s license issued within the last 8 months, c) tax identification number for each signatory, and d) character references for the directors.
  • For beneficial owners, requirements may include government-issued photo identification and proof of address for all people who own 10% or more of the company’s shares.
    These requirements can change so be sure to check with the bank.  Opening bank accounts in non-Guyanese currency may require exporters to obtain the Ministry of Finance’s approval before a Bank can establish an account. 

Market Drivers

  • Roughly four in ten Guyanese adults lack a bank account, creating a market gap for products directed at the unbanked population.
  • Low adoption of swipe terminals and almost non-existent online payment gateways reflects both cultural skepticism and weak connectivity for a digital-hesitant population.
  • Mobile phone wallets are bridging gaps, but the e-payment ecosystem remains fragmented and small-scale due to low mobile money wallet uptake.
  • Oil & gas has transformed Guyana into the world’s fastest-growing economy, driving demand for modern commercial and project financing, residential mortgage loans, and retail banking services.
  • Ongoing challenges with housing and small and medium enterprise financing creates space for U.S. banks with a strong name recognition and track records to enter the market.

Market Challenges for U.S. Firms

  • Guyana’s small population (approx. 956,000) means that potential investment returns may depend on targeted solutions with regional scalability (e.g., the broader Caribbean market is more than 20 million people).
  • Close alignment with the Bank of Guyana and Ministry of Finance is essential given the cautious regulatory culture.
  • Digital solutions must work in low-connectivity environments and build trust among a population with a preference for cash payments.
  • Cross-border remittances and investments from the Guyanese diaspora in North America provide a natural entry point for U.S.-based firms.