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No Open Banking

One of the least densely populated countries on Earth, Suriname is the smallest sovereign state in South America.

According to Kepios, 60% of Surinamese had access to the internet at the start of 2022.

Around 32% of Surinamese adults are unbanked. The main reasons for financial exclusion are no permanent job (44%); no proof of employment and/or payslip (19%), no confidence in the banking system (2%), and unfamiliarity with the benefits of banking (7%).

The Government of Suriname is upgrading the national payment system. New facilities for retail payments, such as online and mobile banking, will contribute to the improvement of the national financial infrastructure. In addition, new electronic payment facilities will be used for paying government support.

Access to financial services is a challenge for businesses in Suriname. 26% of firms in Suriname cited access to finance as their most significant obstacle in the 2018 World Bank Enterprise Surveys in comparison to 2010 when it was 16%. In addition, the 2021 Innovation, Firm Performance, and Gender (IFPG) survey found that access to digital payment systems became a major constraint to doing business in Suriname during the pandemic.