Guyana is preparing for a major overhaul of its financial system with the launch of a real-time payment platform and the entry of new international financial institutions, President Dr Mohamed Irfaan Ali announced.
Speaking at the Guyana Bank for Trade and Industry’s (GBTI) 190th Anniversary Dinner at the Guyana Marriott Hotel in Georgetown on Saturday, President Ali said the reforms mark a turning point for the country’s banking sector.
The most immediate change will come with the rollout of FAST PAY, a new real-time payments system scheduled to go live on June 2, 2026. Once operational, it will allow customers across participating banks to send and receive money instantly using mobile phones or internet banking platforms.
“Transactions that previously required clearing cycles or branch-level processing will now be completed in seconds,” the president said, adding that the system is expected to reduce reliance on cash and lower transaction costs while improving the speed and convenience of financial services.
Guyana is also set to integrate into India’s Unified Payment Interface (UPI), a widely used digital payments system that enables secure transfers without exposing sensitive bank details. The platform processes billions of transactions monthly in India and is expected to further strengthen Guyana’s digital payments ecosystem.
“Together, these two initiatives will position Guyana at the forefront of digital financial transformation in the region,” President Ali said, describing the move as a step toward a “faster, safer, and more inclusive payments environment.”
At the same time, the Bank of Guyana has granted licences to three new international financial institutions — Citibank, Crown Agents, and One American — expanding the country’s access to global financial services.
While the institutions will not take retail deposits, President Ali said their presence will improve access to international capital markets, trade finance, corporate advisory services, and development funding.
He pointed to strong growth in the sector, noting that private sector credit rose by 20.4 per cent year-on-year in 2025, driven by expansion in construction, agriculture, retail, and services.
Describing GBTI as a key player in the sector’s evolution, President Ali praised the institution for its technological upgrades and long-term vision.
“GBTI is ahead of this golden era,” he said. “They are modernising at a pace that is unbelievable — adopting and applying technology at record-breaking pace.”
He added that the bank is building systems “not to meet today’s requirement, but to meet the requirement of 100 years from now.”
GBTI, which traces its origins to the Colonial Bank era, is one of the Caribbean’s oldest financial institutions, marking 190 years of operations this year.
President Ali said the reforms reflect a broader transformation as Guyana approaches its 60th year of independence, describing the moment as the beginning of a “new golden era of banking.”
Also attending the event were First Lady Arya Ali, Finance Minister Dr Ashni Singh, Culture Minister Charles Ramson Jr., and other officials.
