Interview with Shawn Gurcharran, CEO, GBTI Bank, Guyana

29 Jun Interview with Shawn Gurcharran, CEO, GBTI Bank, Guyana

Can you provide an overview of the banking sector’s performance last year, considering the country’s 44% GDP growth?

As a local bank, GBTI offers a unique perspective compared to regional or international players. The banking sector in Guyana has performed exceptionally well, with most banks reporting profit growth in the high 10s or even mid-20 percentage range last year. This success is closely tied to the country’s rapid economic growth — double-digit rates over the past three to four years. Banks here are doubling in size every four to five years, which is remarkable. Despite the small population of around 800,000, competition is strong, with most banks maintaining a broad branch network.

One of the main challenges we face is keeping pace with technology and ever-evolving regulatory demands — not just locally, but also to satisfy the standards of our U.S. and U.K. correspondent partners. That requires constant investment in people, digital platforms and compliance infrastructure. Guyana is under increasing global attention and with that comes greater scrutiny.

We recognize that we are still developing and need to continue investing in our systems and infrastructure as we grow our presence on the international stage. Fifteen years ago, Guyana was classified as a highly indebted poor country. Today, we are the fastest-growing economy in the world. That transformation is remarkable but it comes with challenges. The sheer volume of business requires us to build capacity quickly and strategically. This rapid growth gives us the chance to invest in cutting-edge technologies and modern systems.

As a small country, we now have a global platform, largely thanks to oil and gas. Our government has made it clear: Guyana must compete with the best in the world, but with opportunity comes responsibility. If we get it right, we could become the next Dubai. If we don’t, we risk becoming the next Venezuela. It’s critical that our investments — in people, systems and institutions — are made with a long-term vision for sustainable growth and generational impact. Banks in Guyana remain safe and secure. Capital adequacy ratios are in the high teens — well above the 8 percent benchmark — and liquidity is strong. There is still room to lend more, but challenges remain as the business sector continues to mature. As companies grow and adopt stronger systems, they will be better positioned to support and benefit from the booming oil and gas economy. It’s an exciting time to be in banking here — we are not just witnessing transformation, we are part of it. The pace of change is remarkable and it’s reshaping both the economy and the lives of our people.

GBTI has been a pioneer in Guyana’s financial sector, introducing the first ATM in 1994. Can you introduce the bank, its position in Guyana and highlight key facts and figures that illustrate its significance?

GBTI traces its roots to Barclays over 150 years ago. After nationalization, it was later privatized and is now part of a diversified, family-owned conglomerate that includes an investment bank, insurance companies, car dealerships, a food manufacturer and even a fast food chain. As a Guyanese-owned institution, we see our role as vital to the country’s development. Unlike newcomers who can pick and choose sectors, we have been here through the challenges and understand the local landscape. We are committed to supporting key sectors, especially those with renewed potential in today’s transforming economy. Innovation is a core strength at GBTI and we have had notable successes this year. Most recently, we became the first bank in Guyana to launch invoice financing tailored for the oil and gas sector.

Many local businesses supplying goods and services face long payment cycles — sometimes 60 to 90 days — which can strain cash flow. We partnered with major oil and gas companies to bridge that gap, helping small businesses stay afloat and grow. Since launching just three months ago, the program has seen strong uptake, encouraging more local entrepreneurs to join the formal economy.

We recently launched Guyana’s first pure business credit card, offering local businesses a level of service on par with regional standards. We also introduced GBTI GROW, a specialized division focused on supporting micro, small and medium-sized enterprises. In a fast-growing economy, today’s small businesses can quickly become tomorrow’s major players, but they need flexible, accessible financing. GROW offers tailored support, moving beyond traditional collateral-based lending. We are also partnering with multilateral agencies to target sectors like agriculture and food security and support vulnerable groups, including women entrepreneurs. It’s a socially driven initiative that aligns with national priorities and creates real impact.

GBTI is the second-largest bank in Guyana, holding about 25 percent of the market, second only to a regional player. Historically focused on corporate banking, we have expanded our retail presence in recent years. We operate across the coast and in key interior regions, including Port Kaituma in Region 1, Bartica and Lethem near the Brazilian border. We were also the first bank to establish a branch near the Suriname border. As a Guyanese-owned bank, we serve sectors others might overlook like mining, agriculture and food security because we understand the local landscape.

In this transformative period, we believe Guyana’s growth must go beyond oil and gas to include sustainable development across all key sectors, including healthcare and education. Years ago, before the oil boom, we supported the development of a private school that is now thriving and serving Guyana’s growing middle class. It’s a clear example of how we take our role seriously. Our tagline, ‘We See Guyana Through Your Eyes’ reflects our commitment — not just to today, but to the past and future — strategically positioning ourselves as true partners in national development.

How is GBTI integrating digital innovation to enhance customer experience and efficiency?

We were the first bank in Guyana to launch an ATM back in 1994 and that spirit of innovation still drives us. We have invested heavily in technology. Our core banking system is powered by Oracle and we offer a modern online platform and mobile app. While many still prefer visiting branches, younger, tech-savvy customers expect digital convenience. We constantly update our systems, pushing our providers to enhance features so we can keep pace with evolving customer needs. In a recent session, I asked the group about next year’s market trends. We aim to identify opportunities early so we are ready to leverage them. Our online banking app already allows transfers and requests and we are working on projects to let customers open accounts and apply for loans online.

We are embracing technology in our processes and workforce, moving from paper-based to digital. We are focusing on tech-enabled training, where team members can access courses online and leveraging social media for marketing. We have found social media offers a bigger impact than traditional media.

We are also improving internal processes. What used to take 40 minutes, we aim to reduce to 15. With the economy moving quickly, customers want efficiency. While we value in-person visits, we want their experience to be fast and excellent, supporting them as best we can. We are upgrading and expanding our ATM fleet and enhancing our card technology and partnerships. As Guyana develops, we believe our banking services should be on par with global standards. Given Guyana’s vast size, we have intentionally placed branches in remote areas to bring them into the banking sector. The government is rolling out projects to provide solar power and data connectivity to indigenous communities and our next step is to bring technology to these areas so residents can access our services without leaving their villages, improving their livelihoods and sustainability.

How is GBTI supporting the large Guyanese diaspora in the U.S. and what challenges do you face in this area?

Many members of the diaspora are returning home to invest in properties and start businesses. GBTI, synonymous with Guyanese heritage, is proud to be their local partner. We have established key alliances in the U.K. and U.S., hosting roadshows to educate potential investors about banking in Guyana. We also collaborate with Guyanese in the U.K. to share information with those interested in doing business back home. We believe there are more Guyanese abroad than in Guyana and we are focused on encouraging them to return, invest and support the local economy.

With Guyana’s rising revenues, what progress has the financial sector made in implementing compliance, transparency reporting and safeguarding the country against potential risks?

Like the rest of the Caribbean, Guyana faced de-risking challenges, but we worked collaboratively across the financial sector, business and government to overcome this. Guyana’s financial systems have always been robust. During the 2008 financial crisis, while regional banks failed, ours remained stable. Our conservative, strong systems align with our compliance programs. We have had positive feedback from the Caribbean Financial Task Force on our progress, including legislative updates and improved regulatory interactions.

We proactively stay ahead of requirements to ensure Guyana remains open, transparent and ready for business. Our key business partners are the U.S., U.K. and Europe and to work with them, we must exceed their high standards. While this can slow down business, we prioritize safety and security over speed. We are careful about who we onboard and our compliance systems meet international standards. We monitor sanctions lists to ensure we don’t engage with restricted individuals. For Guyana to succeed and grow, our financial sector must be integrated with the global financial system.

You have recently celebrated your first anniversary as CEO of GBTI. What have been your proudest achievements in this first year and what are your key ambitions or transformations for the future?

The year has been good yet challenging in a way that pushes innovation. With double-digit profit growth, it’s easy to relax, but as a leader, I always focus on what’s next, both for the business and the next generation. Key projects like GBTI GROW, which is close to my heart, are materializing. I am proud of our digital efforts and the progress we have made. Achieving our financial goals allows us to take care of our stakeholders — sharing success with our shareholders and team members and improving their lives.

As a leader, I celebrate success, but I also focus on future growth. I am grateful for the opportunity to lead GBTI and contribute to Guyana’s transformation, with the potential to take GBTI regionally and internationally. The future is exciting.

What final message would you like to share with the audience of the Miami Herald?

Guyana is open for business. Strategically located in South America, we are the only English-speaking country here and the gateway to the rest of the continent and the Caribbean. Guyana offers unique investment opportunities in a booming, resource-rich country with hardworking, welcoming people. With abundant resources like oil, gold, timber and agriculture, we are eager to partner and grow together. Visit us, see the opportunities and join us in shaping the future of this thriving nation — you won’t regret it.