To begin with, it is essential to note that the President, Dr Irfaan Ali, is fully aware that Guyana cannot modernise its economy while remaining tied to outdated banking practises and systems.
However, Guyana is moving decisively towards a fully modernised financial ecosystem, as President Dr Irfaan Ali reaffirmed his government’s commitment to deep, system-wide reforms to reshape how banking and payments operate across the country.
Speaking at the launch of Guyana Bank for Trade and Industry’s private banking services last Friday, the President made it clear that the administration’s agenda goes far beyond surface-level upgrades. Instead, the focus is on rebuilding the financial system’s core architecture to support long-term economic transformation and a technology-driven economy.
He explained that the government is preparing to introduce a national electronic payment framework, alongside the rollout of e-wallets that will enable citizens to conduct daily transactions digitally and securely. These tools are expected to allow for payments on mobile devices and across unified platforms, reducing friction in financial transactions and expanding access to modern banking services.
According to the President, the success of this transition depends on robust digital infrastructure and a regulatory environment that supports innovation while safeguarding stability. As part of this effort, the government plans to significantly strengthen the central bank’s supervisory and monitoring role, ensuring stronger oversight of commercial banks and reducing systemic risks in the sector.
He noted that regulatory reform will be carried out in close collaboration with financial institutions, with new frameworks designed to encourage sector growth while maintaining financial discipline. He stressed that the aim is to create a banking system that is forward-looking, efficient, and responsive—one that supports economic progress rather than being constrained by outdated procedures.
A key motivation for the push towards electronic payments is to reduce the country’s dependence on cash. The President highlighted the inefficiencies of traditional banking practices, in which citizens often spend hours in line to access basic services. He argued that the time lost in such processes represents a real economic cost that can be eliminated through digital platforms.
By transitioning to a predominantly electronic payment environment, the government expects to unlock broader economic benefits. These include smoother business operations, improved tax administration, faster wage payments, and more efficient delivery of government grants and social assistance. Digital payments, he said, are essential for any economy seeking to remain competitive in a rapidly evolving global landscape.
The broader vision, he added, is inclusive finance—ensuring that banking services are accessible to all Guyanese, regardless of location or income level. A modern financial system, he emphasised, must serve people first, enabling participation, opportunity, and economic empowerment.
He cited the government’s previous collaboration with commercial banks to lower mortgage interest rates as a clear example of this approach in action. That initiative has enabled thousands of Guyanese—teachers, nurses, public servants, and young professionals—to achieve home ownership, demonstrating how financial policy can directly improve lives.
The President also revealed that more than 600,000 Guyanese are now part of the formal financial system, reflecting steady progress towards nationwide inclusion. He encouraged citizens who remain outside the banking network to open accounts, noting that future government cash transfers and social payments will increasingly be delivered through digital and banking channels.
Further supporting this transition, online banking services are already operational at four local commercial banks, simplifying account opening and expanding access, including for residents of hinterland communities. Together, these developments signal a clear shift towards a more connected, efficient, and inclusive financial future for Guyana.