
11 Mar Interview with Gregory Maheia, Managing Director, Atlantic Bank, Belize
Belize’s banking sector has witnessed tremendous growth, with a projected market volume of $598.8 million for traditional banks in 2024. What are some of the key trends and how has the sector been evolving lately?
The banking sector as it is now is the strongest I have ever seen. Atlantic Bank is well-capitalized and we have invested a lot of resources developing our internal infrastructure to quickly transition towards digital banking. We have onboarded a first-tier SAP-based core-banking system along with all the modules that come with it. We are now a fully digital bank, yet we are not walking away from our brick-and-mortar locations. We want to use our digital platforms to support financial inclusion for the unbanked and under-banked population, this is very important to us.
Embedded in our Strategic Purpose is our commitment to be the driving force behind the development of the micro, small and medium enterprises (MSME) sector. We have established a key partnership with the Inter-American Development Bank (IDB). Together and with the support and vision of the Government of Belize and Belize Trade and Investment Development Service, we have developed the MSME ecosystem in Belize. In addition to providing the MSME sector with access to financing, we provide them access to markets through our e-commerce platforms, e-wallets and other digital services. We extend additional support through mentorship and capacity development programs, including financial literacy. MSMEs are the backbone of the Belizean economy. A part of our vision is to support people on their journey taking the leap to become entrepreneurs — achieving their goals and realizing their dreams.
Tell us more about the specific schemes that you have to support SMEs and boost entrepreneurship in Belize
Last December, we hosted our first ever Atlantic Bank Christmas MSME Extravaganza, which brought together over 50 MSMEs from across the country. It was inspiring to witness the pride and enthusiasm with which these entrepreneurs displayed and promoted their products.
When the pandemic hit, Belize entered a complete lockdown, significantly impacting the tourism industry and depressing the agricultural market. They say necessity is the mother of innovation and in response to the challenges the economy was facing, many of the unemployed and underemployed became innovative and opened small businesses. They transformed their uncertainty into an opportunity, creating something of their own. We recognized this entrepreneurial spirit and knew we wanted to be the bank that truly supports the growth of the MSME sector and empowers individuals. This is in line with our vision to empower our customers to achieve their goals and dreams.”
What is your outlook for the economy and what opportunities do you see for investment and in which sectors?
Belize’s economy has performed exceptionally well over the last few years following the pandemic and I foresee continued growth. Tourism remains the leading sector, with tourist arrivals surpassing pre-covid numbers — a clear indicator of recovery and resilience. Agriculture is also thriving, with emerging sectors like coconut production driving diversification and innovation.
The Business Process Outsourcing (BPO) sector has grown at a significant rate, employing approximately 17,000 Belizeans. This growth has substantially reduced unemployment, which is now below three percent. Moreover, there is a national strategy in place to take the BPO sector to another level, enhancing the quality of services we offer and position Belize as a competitive player in this industry.
Belize is well positioned for investment across several sectors. In tourism, there is potential for Foreign Direct Investment (FDI) to enhance resorts and provide technical support. In agriculture, opportunities exist for vertical integration and value chain development. Additionally, Belize offers unique advantages — an English-speaking population, a stable currency pegged 2:1 to the US dollar and proximity to the United States for efficient logistics. These factors make Belize a prime destination for investors looking to contribute to a growing and dynamic economy.”
What role do you see for investors, particularly from Florida and Miami, playing in supporting the sustainable growth of Belize?
FDI plays a vital role in the banking sector and the economy at large. We see opportunities for investors from Miami and Florida to support sustainable growth in Belize. We want to foster true partnerships, mutually beneficial relationships and create value for both sides. Florida can play a significant role by facilitating networks for the exchange of experience, technology and expertise. Its proximity also makes it an ideal partner for efficient shipment and trade. Establishing and strengthening these partnerships would not only support Belize’s sustainable growth but also create opportunities for investors to benefit from Belize’s dynamic and evolving economy.”
The World Bank has identified critical areas of improvement to sustain Belize’s development, including a more sound fiscal and monetary policy. What measures could be taken to create a more resilient market?
The prime minister, the current government and the Central Bank of Belize have made remarkable strides in strengthening the country’s fiscal and economic framework. Over the past few years, we have seen Belize’s debt-to-GDP ratio drop significantly from over 110 percent to around 65 percent. The Central Bank of Belize has introduced the most effective fiscal policies in Belize’s history, resulting in a stable economy and historically low unemployment. Staying on this trajectory and executing the government’s long-term vision will help us address the concerns of the World Bank and continue building resilience.
At Atlantic Bank, we play an active role in supporting Belize’s economic growth. Through partnerships with our corporate clients and dedicated support of the MSME sector, we are fostering development across key areas. Internally, we have prioritized investments in digitalization, enhancing our network and infrastructure to promote financial inclusion for the underbanked and unbanked.
Moreover, we have strengthened our capital base to ensure resilience against external shocks. Currently Atlantic Bank has the largest capital scale in the system — three times that of our closest peer. This positions us as an exceptionally strong and stable financial institution, ready to absorb any shocks and continue contributing to Belize’s economic sustainability.
How do you support your international clients and how do you differentiate yourselves from the competition?
Atlantic Bank has proudly served Belize for 54 years and today we are more than just a financier — we strive to be a key strategic partner for all sectors of the economy. As the largest supporter of the tourism sector, we ensure that our infrastructure and expertise align with the unique needs of this critical industry. Similarly, we are the largest lender to the BPO and agricultural sectors, providing tailored financial solutions to drive their growth and success.
To better support the MSME sector, we have established a dedicated MSME office staffed by experienced professionals. This team understands the unique challenges of MSMEs and works closely with entrepreneurs to help them achieve their goals and realize their dreams.
On the retail side, we recently revamped our suite of products to offer a more relevant and comprehensive range of services tailored to meet the needs of our customers. These enhancements reflect our commitment to providing real solutions that empower individuals and businesses alike.
For our international clients, we offer seamless financial services, leveraging our expertise and infrastructure to ensure efficient and reliable banking solutions. What sets us apart from the competition is our deep understanding of the industries we serve and our commitment to building meaningful, long-term partnerships.”
What specific digitalization initiatives have you implemented and how have they transformed the bank’s interaction with its clients?
At Atlantic Bank, digitalization has been at the forefront of our strategy and every initiative we undertake is designed with the customer in mind. Our goal is to deliver a seamless banking experience while making our processes as efficient and effective as possible. Our online banking platform continues to evolve, with daily improvements aimed at ensuring a user-friendly interface that meets the expectations of today’s digital-savvy customers. One of our most exciting developments is our digital wallet that launched in January which we believe will be the best in the market. We’ve carefully studied the user experiences of existing wallets to ensure our solution is not only innovative but also perfectly suited to meet the needs of our MSME customers. Additionally, our mobile app, developed by a top-tier provider, has been crafted to meet the needs of the modern banking customer. It offers intuitive navigation and robust features to make banking on the go simple and efficient.
These digitalization efforts have transformed the way we interact with our clients, allowing us to provide faster, more personalized and more accessible banking services. Our commitment is to continue enhancing these tools to exceed customer expectations and support their financial journeys.
What are your plans to tighten your relations with the U.S. and position Atlantic Bank as the partner of choice for U.S. investors?
Atlantic Bank’s position as the largest financier of investments in Belize and the bank of choice speaks volumes about our years of experience and the solid reputation we have built. Our commitment to fostering trust and delivering exceptional service has made us a reliable partner for investors.
What truly sets us apart is our strong international relationships. We work closely with International Financial Institutions, the IDB and maintain partnerships with five correspondent banks — the largest number of correspondent banks in Belize. These relationships give us a unique advantage in facilitating complex transactions and ensuring a seamless banking experience for our clients.
Our expertise in handling these transactions makes us an FDI-ready institution, capable of meeting the needs of U.S. investors. We aim to continue strengthening our relationships with the U.S. market and positioning Atlantic Bank as the go-to partner for investors seeking opportunities in Belize. With a deep understanding of the local economy and a global perspective, we are well-equipped to support investment and growth.”
What is your final message to the readers of the Miami Herald?
Belize is a beautiful country, but it is so much more than just a vacation destination — it is a land of opportunity and a prime location for investment. Just like Atlantic Bank, Belize is growing stronger and better every day. We are continuously enhancing our economy, our tourism offerings, and our industries to create a brighter future. I encourage you to visit Belize today to experience its charm, but come back tomorrow because tomorrow will be even better.
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