Latest update March 3rd, 2026 12:40 AM
Two local banks cleared to go fully digital
…as national payment platform completed
By Renay Sambach
(Kaieteur News) – President Irfaan Ali on Tuesday announced that Guyana’s National Payments System (NPS) platform has been completed and local banks are ready to go fully digital.
Delivering the keynote address at the opening of the Guyana Energy Conference and Supply Chain Expo 2026 at the Guyana Marriott Hotel, President Ali said the move marks a major step in modernising the country’s financial architecture.
President Irfaan Ali on Tuesday at the opening ceremony of the Guyana Energy Conference and Supply Chain Expo 2026.
“I am pleased to announce that we have completed the process at the central bank, of building out the national payment platform and two local banks are ready to go completely on the digital platform, they have already been approved so that we can now have digital wallets, digital payment systems and digital transfer here in Guyana and that will be the new standard,” President Ali said.
According to the Bank of Guyana, development of a NPS will support economic growth through the financial sector that is stable and enables efficient financial intermediation. Central Bank had noted that moving from paper-based instruments to electronic payments can result in significant cost savings in processing money transfers and increased efficiency in the processing of payments.
President Ali explained that the shift is part of broader financial sector reforms aimed at ensuring the economy operates on a digital backbone, while also promoting financial and technological inclusion.
He highlighted the Guyana Development Bank, which will allow small and medium-sized entrepreneurs to benefit from collateral-free and interest-free financing. Assistance will also be provided to help transform ideas into bankable projects.
“More importantly we are backing them with the technical expertise, by putting together a technical group that will transfer their ideas into bankable proposals and then handhold them through the process of management in creating viable and sustainable enterprise,” Ali stated.
He noted that the development bank will also serve as a catalyst to unlock additional lending from commercial banks at low interest rates and with reduced collateral requirements, expanding access to capital for a new generation of entrepreneurs.
President Ali further disclosed that work is advancing on the establishment of a junior stock exchange to deepen transparency and integrate more local companies into the formal financial system. “We have to operate in the real world, in the real financial sector by building our companies and having this transparency to put those companies on the stock exchange to ensure that we are fully integrated in the financial system and we are doing that,” he noted.
Beyond finance, President Ali underscored the government’s push to digitise public services to improve efficiency and reduce human bias. “And it’s not about tracking people, it’s about preventing crime and we are not doing this the old way, we are doing this using tomorrow’s technology,” he said. He added that the digital transformation drive, will be supported by strengthened cybersecurity and data protection frameworks as Guyana advances.
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