A bank branch in the corner store

Banks in Guatemala are expanding by installing branches in small businesses to offer financial services.

Tuesday, September 9, 2008

Who would have thought that a pharmacy, a hardware store, a book store, or any other business would one day offer many of the financial services that have been exclusive to banks for decades?

"I never imagined it, but now I am happy because, not only will it help a lot of people, but it will also help my business to get more clients; I'm happy." This is the way Irma Medrano, the owner of J&M Bookstore, described her new role as a banker. Medrano has her business in Jalpatagua, Jutiapa. Her bookstore has been converted to a branch of the G&T Continental Bank and offers a variety of services such as reception of payments (telephone, water, and electricity), remittances and checks, as well as deposits.

More on this topic

Bankarization of Remittances in Guatemala

October 2013

For every $100 that migrants send to their families between $30 and $35 are in some way related to banking services.

Prensalibre.com reports: "If you take into account that from January to September this year family remittances, according to the Bank of Guatemala, totaled $3.801 billion, the amount that passed through banks was between $1.1403 billion and $1.3303 billion" .

The Importance of Banking Agents

April 2011

In Guatemala, 10% of banking operations are currently handled by banking agents.

Fernando Quiñónez interviewed Herbert Hernández from G&T Continental for Siglo21.com.gt on the importance of banking agents to the Guatemalan economy, which have handled transactions worth more than $700 million since their inception in 2003.

Guatemala: Small Store Banking on the Rise

January 2010

The number of basic banking services offered by local, small stores increased 27.6% when compared to 2008.

Currently there are 1.915 agencies offering basic transactions like cashing small checks and paying public services.

"In Guatemala, two banks have implemented this business model: G&T Continental and Industrial (BI)", reported Prensalibre.com. "In 2010, G&T expects to grow 30% in this segment, and BI 25%".

G&T Continental Expands in El Salvador

December 2009

By opening its 11th branch, Grupo Financiero G&T Continental now features 600 locations in Central America.

The new Salvadoran branch is located at Shopping Mall Aventura Plaza, and will offer services in financing, investment, treasury, commerce, cash management and corporate and individual advising.

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