Attorney General and Minister of Legal Affairs, Anil Nandlall, SC, has assured that the government is actively working to remove unnecessary obstacles in Guyana’s banking system to make it easier for citizens to open bank accounts and access financing.
Speaking on The Starting Point Podcast on Sunday, Nandlall admitted that bureaucratic “disconnects” and outdated practices have contributed to what many describe as a cumbersome and intimidating process to do simple banking in Guyana — from opening an account to accessing capital for small businesses.
“The President himself has directed that I continue to engage with the banking sector until these obstacles are removed,” the Attorney General said, adding that the government’s goal is to modernise the banking experience and ensure that “ordinary Guyanese can have easy access to the banks.”
He explained that in a recent meeting with the banking sector — following a directive from President Dr Mohamed Irfaan Ali — many of the issues being complained about were not fundamental problems but rather “a lack of clarity and engagement.”
“There were no major problems. It’s just a disconnect… One meeting clarified what was described as a huge number of issues,” Nandlall noted.
According to the Attorney General, many of the strict banking and compliance practices being enforced today are remnants of the period between 2011 and 2015, when Guyana was blacklisted by the Caribbean Financial Action Task Force (CFATF) for failing to pass critical anti–money laundering legislation due to political gridlock in Parliament.
When the current administration returned to office, he said, several amendments were made to modernise and balance Guyana’s Anti–Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. However, the oppressive systems that were created during the blacklisting period were never dismantled by the previous administration.
“What we have are self-imposed obstacles that are no longer relevant,” Nandlall said. “Our system was certified as being far more compliant than many others in the region, yet people are saying it’s easier to open a bank account in Trinidad or Barbados. Something is wrong there.”
He revealed that in the last mutual evaluation by CFATF, Guyana ranked highest among independent Caribbean states for compliance, with only two dependent territories — Anguilla and the U.S. Virgin Islands — scoring higher.
Nandlall emphasised that the government is determined to strengthen public confidence in the banking sector and reduce the culture of “keeping money under the mattress.”
“We are encouraging Guyanese to engage with the banks more often. Let us use the banking system,” he said, adding that initiatives like cheque-based cash grants are intended to encourage more people to open accounts and begin formal financial relationships.
President Ali, who as Minister of Tourism, Industry and Commerce had introduced the “Ease of Doing Business” initiative years ago, has also prioritised the streamlining of banking and commercial procedures, Nandlall said.
Access to finance and invoice lending
The Attorney General also addressed the persistent concern of access to capital, especially for small and medium-sized businesses seeking loans without traditional collateral such as land or buildings.
He pointed to the Guyana Bank for Trade and Industry’s (GBTI) recent introduction of invoice financing — where contracts or invoices are accepted as collateral — as a progressive move that should be emulated by other financial institutions.
“For years, banks claimed that the law required immovable property to secure a loan, but there is no such requirement,” he clarified. “Banks have long been lending for the purchase of cars and using those vehicles as collateral. So why can’t a $100 million contract be used in the same way?”
Nandlall said it ultimately comes down to “a question of risk,” and he expressed confidence that other banks will follow suit once one institution demonstrates success.
“We live in a competitive society. Everything is about risk — no pain, no gain. One bank has taken the initiative, and I have no doubt that others will follow,” he added.
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