As Guyana continues its rapid transformation into a major oil-producing economy, the demands placed on its financial system have changed dramatically. The country is no longer operating in a slow-moving economic environment. Capital flows are faster, international trade is expanding, and businesses require real-time banking services to remain competitive in the global marketplace.
Yet, despite this economic acceleration, many citizens and business owners continue to raise concerns about the efficiency and modernisation of parts of the banking sector. While some local institutions have made progress, there is a growing consensus that the broader system must urgently adapt to the realities of a digital economy.
Among local banks, Demerara Bank Limited and Guyana Bank for Trade and Industry have taken visible steps towards modernisation. Their introduction of online services, improved customer onboarding systems, and digital transaction channels represents a meaningful shift away from traditional, paper-heavy banking practices. These improvements have helped reduce friction for everyday customers and businesses that depend on faster financial services.
However, challenges remain—particularly in the wider banking ecosystem, where some institutions, especially foreign-owned banks operating in Guyana, are still perceived by customers as lagging in the speed of digital adoption for cross-border fund transfers. The most common complaint from individuals and business communities is not just about service quality but about outdated onboarding and transaction processes and long delays.
Some foreign banks in Guyana are taking more than 15 days to transfer funds to recipients abroad. Why? Because they have brought their 1940s banking systems from their home countries to Guyana, and they are giving banking in Guyana a bad name.
However, the upside is that both BGTI and Demerara Bank’s young CEOs have taken the lead in modernising and digitising their banking systems, benefiting the business community and the citizens of Guyana. Both bankers have transformed their banking facilities, which now meet global banking standards. Furthermore, they have prepared their banks to offer compatible banking services to banks in Europe and the USA and to operate in the modern banking world.
In some cases, customers have complained that opening a basic bank account with foreign banks in Guyana still requires extensive physical paperwork, including booklet-style applications and repeated in-branch verification. In an era when digital onboarding, electronic Know Your Customer (e-KYC) systems, and mobile verification are standard across global banking markets, such processes are increasingly viewed as inefficient and unnecessary.
For a country seeking to position itself as a competitive financial and investment hub in the Caribbean and South America, such delays create a structural disadvantage. Investors and entrepreneurs expect speed, transparency, and predictability from financial systems. When manual processes slow basic account creation or compliance procedures, it signals that the financial infrastructure has failed to keep pace with the economy.
The issue is even more significant for cross-border payments and business transactions. Business owners in Guyana frequently report that international transfers can take several days to clear when processed through intermediary banking channels. In many cases, foreign banks in Guyana report delays of 12 to 15 days when transferring funds abroad, even for standard transactions.
More concerning for the business community are cases in which fund transfers made through certain foreign banking channels take significantly longer, sometimes more than 15 days, before funds are fully accessible to recipients. These delays can disrupt supply chains, delay payroll, and create liquidity challenges for small and medium-sized enterprises that rely on timely cash flow.
In a fast-growing oil-driven economy, such inefficiencies are not minor inconveniences; they become structural constraints. Businesses operating in the import, export, logistics, construction, and services sectors cannot afford uncertainty over the movement of funds. Even a few days’ delay in settlement can have a cascading impact on operations.
This is where the contrast with more digitally progressive local banks becomes significant. Institutions such as Demerara Bank Limited and Guyana Bank for Trade and Industry have introduced digital onboarding and upgraded their transaction systems, reducing reliance on manual processes. These reforms are helping customers access banking services more efficiently and are gradually shifting expectations across the sector.
However, the broader banking environment must move in the same direction. Digital banking is no longer an optional upgrade—it is the global standard. Countries that fail to modernise their financial infrastructure risk slowing investment inflows, increasing transaction costs, and undermining economic competitiveness.
Guyana’s ambition to fully leverage its oil wealth and expand its non-oil sectors depends heavily on how efficiently money moves within Guyana and across its borders. This includes not only large corporate transactions but also everyday payments, salaries, remittances, and small-business operations.
A modern banking system should enable digital account opening within minutes, not days. It should enable businesses to transfer funds quickly, transparently, and securely, without unnecessary delays caused by outdated intermediary processes. It should also prioritise the customer experience through mobile-first platforms, automated compliance checks, and real-time transaction tracking.
At the same time, regulatory authorities and financial institutions must collaborate to ensure that modernisation does not compromise security or compliance standards. The goal is not to weaken oversight but to make it smarter, faster, and more technology-enabled.
Guyana stands at a pivotal moment in its economic history. With rising revenues, expanding infrastructure, and growing global attention, the country has an opportunity to build a banking system that reflects its ambitions. This requires all financial institutions, both local and foreign, to embrace digital transformation urgently, not gradually.
The complaints from businesses and customers are not signs of rejection of the banking sector but signals of expectation. They reflect a population that is increasingly aware of what modern banking should look like and unwilling to accept inefficiency as the norm.
The government must make it clear to foreign banks that their archaic criteria for opening accounts and transferring funds abroad must be improved, or legislation must be introduced to compel them to adopt the 21st-century banking system. They should not bring their outdated banking system to Guyana, an oil-rich country.
However, it is important to emphasise that both Mr Shawn Gurcharran, CEO of GBTI, and Dowlat Parbhu, CEO of Demerara Bank, have already entered the digital banking world. Hopefully, the foreign banks operating in Guyana will do so soon and reduce their funds transfer time from 15 days to 3 days.
If Guyana is to realise its potential as a regional economic powerhouse fully, its banking system must evolve from traditional structures into a fast, digital, and customer-centric ecosystem. The direction is clear: the future of finance in Guyana must be immediate, intelligent, and inclusive.