Best bank: Banco Industrial
The Guatemalan economy had a turbulent time in 2023. The election of Bernardo Arevalo in early 2024 should improve relations with the US and potentially lift the country’s economic outlook, but the social challenges that have plagued Guatemala through times of economic expansion and contraction alike are resistant to superficial measures.
AfE 2024
However, the country’s banks are taking the lead in trying to bring the large numbers of unbanked Guatemalans into the financial system and helping to ‘grey’ the black economy. The country’s banking penetration – the loan-to-GDP ratio was 38.6% at the end of December 2023 – is low even for a region that traditionally has low levels of financial inclusion.
The country’s best bank, Banco Industrial, grew the number of its banking agents and third-party points of sale, particularly in rural areas, from 3,227 in 2022 to 4,493.