Modernising Banking in Guyana for the People: A Call to Action
On October 22 2025, Attorney General and Minister of Legal Affairs Anil Nandlall called on Guyana’s banking sector to urgently re-examine and modernize its practices. He said that while Guyana has some of the strongest anti-money-laundering (AML) and counter-terrorist-financing (CFT) systems in the Caribbean, outdated internal bank procedures are creating unnecessary barriers for citizens. These obstacles make it difficult for ordinary Guyanese to open bank accounts, access loans, or participate in the financial system.
The Current Reality: Strong Compliance, Weak Accessibility
Guyana’s AML/CFT framework is among the region’s best, yet the banking process remains one of the most difficult to navigate. Many banks maintain rigid, outdated procedures that go far beyond what the law requires. This makes it feel like compliance has become a punishment rather than a safeguard.
The irony is clear: countries like the United States and Canada, which also follow strict compliance rules, allow citizens to open accounts in minutes with minimal documentation. In Guyana, however, customers face long waits, repeated visits, and requests for documents that many cannot provide.
Common Difficulties Faced by Guyanese Bank Customers
1. Opening a Bank Account
- Customers must provide proof of income, even for basic savings accounts. Informal workers, taxi drivers, and market vendors often lack payslips or tax records.
- Multiple forms of identification, job letters, and utility bills are required, even when low-risk.
- There is no simplified path for students, pensioners, or small farmers.
- Manual paperwork dominates; branch visits are mandatory.
2. Accessing Loans or Credit
- Proof of income such as salary slips, job letters, or audited accounts is required, leaving self-employed or informal earners excluded.
- Lack of collateral blocks micro-borrowers.
- Loan processing is slow, often taking weeks.
- The process lacks transparency, discouraging repeat applications.
3. Other Barriers
- Few rural branches and poor digital options.
- Exclusion of those paid in cash or seasonal work.
- Over-documentation creates distrust of formal banking.
Why These Barriers Matter
- Financial exclusion: Thousands remain unbanked or underbanked.
- Economic stagnation: Small businesses cannot grow without credit.
- Inequality: Strict paperwork favors the already wealthy.
- Lost opportunity: Guyana’s strong compliance reputation is not matched by ease of access.
The Way Forward: Balancing Compliance and Access
1. Adopt a Risk-Based Onboarding Model
Use tiered due diligence: simple verification for low-risk customers; enhanced checks only for high-risk ones.
2. Simplify Proof of Income Requirements
- Accept market receipts, mobile-money records, or village-council letters as alternative proof.
- Introduce low-balance starter accounts with limited transactions.
- Use digital tools to verify identity and income.
3. Digitize and Modernize Banking
- Enable online account opening.
- Link bank systems with government ID databases.
- Accept scanned documents.
4. Expand Acceptable Collateral
Leverage the new movable-asset registry to allow vehicles, machinery, and equipment as security.
5. Increase Transparency and Education
- Publicly list account and loan requirements.
- Provide financial literacy campaigns.
- Offer clear appeals processes.
The United States Example
In the US, strong AML rules coexist with convenience. Customers open accounts online with one ID and address proof. Proof of income is only needed for credit products, not for simple accounts. Guyana can follow this model while preserving compliance.
Building a Compliant and Compassionate Banking Future
Guyana’s system protects against money laundering, but it must also include its people. Simplifying proof of income, digitising onboarding, and expanding access will make banking both safe and inclusive.
The Attorney General’s call should mark a turning point: banking must empower, not exhaust.
Call to Action
If you have faced unnecessary banking barriers, share your experience with your regional consumer-affairs office or financial ombudsman. Your voice can help shape a fairer, more inclusive banking future for Guyana.
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