Scotiabank resumes new account openings after 6-year struggle to exit Guyana

After nearly six years of regulatory setbacks and failed divestment attempts, Scotiabank has resumed onboarding new clients in Guyana, signalling a renewed commitment to its local operations.
The move follows the introduction of a fully digital account opening process via the Scotia Caribbean App and Scotia OnLine Banking, allowing prospective customers to open accounts without visiting a branch.
The development marks a significant shift for the Canadian banking giant which had twice attempted to exit the Guyanese market — first in 2018, and again in 2021 —only to be blocked by the country’s financial regulator due to concerns over market dominance and procedural missteps.
In a statement, Country Manager for Scotiabank Guyana, Nafeeza Gaffoor, noted that digital onboarding is part of the bank’s broader transformational strategy.
“Streamlining and simplifying the digital onboarding process is crucial to ensuring a smooth digital transition,” Gaffoor said. “This innovation represents our continued focus on making life easier for clients from the moment they join us.”
According to Scotiabank, the entire account application process takes approximately 15 minutes. Users are guided through a step-by-step online process, beginning with the acceptance of digital access and privacy agreements, followed by data entry, validation, and final submission. Once completed, clients gain access to 24/7 banking services via the bank’s online and mobile platforms.
The Scotia Caribbean App and Scotia OnLine Banking platforms have also been upgraded to include one-time password protection, expanded bill payment services, and other security enhancements.
On the commercial side, the bank has modernised its merchant services, including secure payment integrations for unmanned kiosks.
Scotiabank’s re-engagement with the Guyanese market comes after two high-profile but ultimately unsuccessful attempts to divest its local operations.
In 2018, Scotiabank signed an agreement to sell its Guyana operations to Republic Financial Holdings Limited (RFHL), a Trinidad-based banking conglomerate. The transaction was blocked by the Bank of Guyana, which raised red flags about market concentration, as the merger would have given RFHL control of over 50 percent of local bank deposits.
In 2021, a second effort was made to sell to First Citizens Bank Limited (FCB), also of Trinidad. That attempt was criticized by the Guyanese Government and regulators as “premature and inappropriate,” since FCB had not even applied for a local banking licence under Guyana’s Financial Institutions Act. After more than a year of negotiations, the deal collapsed in June 2022.
Scotiabank has since continued to operate in Guyana with four branches.
Despite these attempts, Scotiabank has been recognised and awarded by Global Finance as the Caribbean’s Best Bank 2025, with several individual country wins, including Guyana’s Best Bank.
Global Finance Magazine (New York) selects the best financial institutions around the world every year, and is a trusted standard of excellence. This award follows the Bank of the Year 2024 title earned by Scotiabank Guyana just a few months ago, in December 2024.