President of Guyana, Dr Irfaan Ali, has declared that the country is entering a transformative new phase in global banking and digital finance, driven by rapid economic growth, technological modernisation, and growing international confidence in Guyana’s financial sector.
Speaking at the Guyana Bank for Trade and Industry’s (GBTI) 190th-anniversary gala on Saturday evening, President Ali outlined a series of landmark initiatives he said would position Guyana among the region’s most advanced financial systems.
Addressing an audience gathered at the Guyana Marriott Hotel in Georgetown, the Head of State said Guyana’s banking sector has become one of the strongest pillars of the country’s broader economic transformation.
“Guyana today possesses a strong and stable financial system that is helping to underpin the country’s broader economic expansion,” President Dr Ali said, noting that throughout 2025 the banking industry has remained well-capitalised, highly liquid, and resilient.
He pointed to the sharp rise in private-sector lending as one of the clearest signs of economic confidence, noting that private-sector credit expanded by more than 20 per cent over the past year. According to the President, the growth has not been concentrated in a single industry but has been evenly spread across construction, agriculture, wholesale and retail trade, and the services sector.
“This is evidence of a diversified economy growing on multiple pillars,” he said, adding that the expansion of credit across productive sectors reflects rising investor confidence and expanding economic opportunities throughout Guyana.
President Dr Ali also highlighted the steady growth in savings and deposits across the banking system, which he described as a strong indicator of rising disposable incomes and greater public trust in financial institutions. He explained that a growing domestic savings base strengthens long-term financial stability and provides banks with more resources to fund development and investment.
During his address, the President announced the launch of Guyana’s first real-time payment platform, Fast Pay, which will become operational on 2 June. The system will enable instant transfers between banks and financial institutions, significantly reducing transaction delays and improving efficiency for businesses and consumers.
The initiative forms part of the government’s broader vision to build a digitally integrated economy, powered by modern financial infrastructure.
President Dr Ali also confirmed that Guyana will adopt the Unified Payments Interface (UPI), the internationally recognised digital payments architecture developed by India’s National Payments Corporation of India. The system will enable seamless interoperability across banks, digital wallets, and financial technology platforms, supporting QR code payments, peer-to-peer transfers, and merchant transactions.
According to the President, the introduction of Fast Pay and UPI together will revolutionise the country’s payments ecosystem, creating a faster, safer, and more inclusive financial environment for citizens and businesses.
Governor of the Bank of Guyana, Dr Gobind Ganga, explained that the new payment systems will enable customers to transfer funds instantly between local banks via mobile applications from virtually anywhere in the country.
He noted that the systems are expected to particularly benefit residents of rural and hinterland communities by enabling them to make purchases, receive payments, and access financial services digitally without travelling long distances.
Dr Ganga disclosed that testing of the Fast Pay platform has already been completed and that the banking sector is fully prepared for the nationwide rollout. He added that once UPI becomes operational later this year, Guyana will effectively have two 24-hour real-time payment platforms running simultaneously.
President Dr Ali also announced another major development in the financial sector — the Bank of Guyana’s approval for three major international financial institutions to open representative offices in the country.
The institutions are Citibank, Crown Agents, and OneAmerica.
Describing the move as a watershed moment for Guyana’s financial industry, President Dr Ali said that the arrival of internationally recognised institutions with extensive cross-border networks and substantial balance sheets demonstrates growing global confidence in Guyana’s macroeconomic stability and long-term growth prospects.
While the institutions will not operate as retail banks, he explained that their presence will expand Guyana’s access to international capital markets, trade and development finance, and corporate advisory services.
The President noted that Guyana, with rapid economic expansion fuelled by oil revenues and rising private investment, is positioning itself as a future regional financial hub capable of attracting global business and investment.
Reflecting on the historical evolution of the country’s banking sector, President Dr Ali said Guyana has progressed from a colonial-era financial system dominated by overseas institutions to a modern landscape with strong indigenous banks alongside international financial players.
He praised GBTI for remaining at the forefront of innovation and technological advancement throughout its 190-year history, describing the institution as a key driver of Guyana’s financial modernisation.
“This bank is building systems not just for today but for the next hundred years,” he remarked, commending GBTI’s investments in technology, research, and national development initiatives.
The President also praised the bank’s support for agriculture and the productive sectors, noting that its lending policies demonstrate a commitment to national development and to balanced economic growth across regions and communities.
As Guyana prepares to celebrate its 60th Independence Anniversary, President Dr Ali urged citizens and institutions to safeguard confidence in the country’s economy and to continue working together to build a united and prosperous nation.
“The dream of an independent Guyana was never solely about political independence,” he said. “It was about building a united, free, and prosperous country, and that future depends on deepening national unity and strengthening confidence in our collective progress.”