Finance Ministry launches plan for modernized Nat’l Payment System

Apr 14, 2018 News

…aims at efficient, safe means to conduct transactions
Finance Minister, Winston Jordan yesterday officially launched the implementation plan for the National Payment System (NPS). He announced that the plan and its execution will be led by the Bank of Guyana.
According to the document, the Bank recognizes that Guyana’s National Payment System falls short of meeting the needs of the economy and financial markets for efficient, safe and sound means to conduct transactions and transfer funds.
To overcome these shortfalls, the Central Bank is undertaking the leadership role in a comprehensive and strategic modernization of Guyana’s NPS – with the active participation and cooperation of all stakeholders – including primarily, the use of electronic payments.
It was further noted that the broad purpose of the NPS plan is to state an agreed vision and strategies by all stakeholders in a broadened context based on the findings and conclusions of the Central Bank and World Bank diagnostics.
The National Payment System Strategy consists of four chapters and five annexes.
Chapter One examines the current state of payment in Guyana. It notes that the Bank of Guyana is the institution responsible for payments. Be that as it may, the document makes clear that there is need to upgrade the laws, regulations and infrastructure for a safe, efficient and modern payment system. The chapter analyses the role of the main players in the current payments arrangement.
Chapter Two examines how the Bank will lead the development of the NPS Strategy. It defines the role of a National Payment System as a series of layers in an inverted pyramid in which each layer is supported by layers beneath it.
Chapter Three explores Guyana’s vision to build a safe, robust, sound, efficient and inclusive payment system that meets the current and future needs of the economy. It proposes the year 2030 as a realistic target for full realization of the NPS vision. However, in the medium term it proposes a 2017-2021 action plan as a first phase on achieving that vision.
The fourth chapter concludes with a highlight of the 2017 – 2021 NPS Development Strategy and plan of actions. The Strategy also has attached five annexes.
A preliminary draft of the strategy was issued to stakeholders for their comments in August 2016.

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