Guyana is on the cusp of a sweeping transformation of its financial sector, with two landmark payment systems set to go live and three major international banks newly licensed to operate in the country.
President Dr Mohamed Irfaan Ali made the announcement while delivering remarks at the Guyana Bank for Trade and Industry’s (GBTI) 190th Anniversary Dinner, held at the Guyana Marriott Hotel, Georgetown Saturday.
The most immediate development is the launch of FASTA, Guyana’s new real-time payment system, scheduled to go live on June 2, 2026.
Once operational, customers across all participating banks will be able to send and receive funds instantly at any time and any day, 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 explained, stating that, “The system is expected to significantly reduce reliance on cash, low transaction costs for households and businesses, and dramatically improve the speed and convenience of everyday financial activity.”
The second initiative is Guyana’s integration into India’s Unified Payment Interface (UPI) , a digital payment architecture developed by the National Payment Corporation of India.
Already processing billions of transactions monthly in India, UPI uses a Virtual Payment Address system that allows secure transfers without exposing sensitive bank account details.
According to the president, through Guyana’s partnership with the Government of India, the system will link directly into the country’s growing digital payments ecosystem.
“Together, these two initiatives will position Guyana at the forefront of digital financial transformation in the region,” President Ali said, “creating a faster, safer, and more inclusive payments environment for citizens and businesses alike.”
Adding further momentum to the sector, the Bank of Guyana has licensed three new international financial institutions including Citibank, Crown Agents, and One American to operate locally.
President Ali described the approvals as a clear vote of confidence in Guyana’s macroeconomic stability and regulatory credibility.
While the institutions will not engage in retail deposit-taking, their presence he explained, “will significantly expand the country’s access to international capital markets, trade finance, corporate advisory services, and development financing.”
The president also pointed to strong underlying performance in the banking sector, noting that private sector credit grew by 20.4 per cent year-on-year in 2025, with growth spread across construction, agriculture, wholesale and retail, and services a sign, he said, of an economy building on multiple pillars.
Against that backdrop, President Ali singled out GBTI as a bank already positioned to drive this new era forward.
“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, building systems not to meet today’s requirement, but to meet the requirement of 100 years from now.”
Celebrating 190 years of operations, GBTI holds the distinction of being one of the oldest financial institutions in the Caribbean, with roots tracing back to the Colonial Bank era that reshaped the region’s financial landscape following the abolition of slavery.
President Ali traced that history during his address, noting how Caribbean banking evolved from plantation credit arrangements and British merchant financing into the diverse, modern sector Guyana has today.
He extended congratulations to the bank’s management, staff, and directors, describing GBTI’s continued contribution to financial services and national development as “not only highly commendable, but critically needed.”
As Guyana approaches 60 years of independence, President Ali expressed confidence that the country is entering what he called “a new golden era of banking” that will lead to the broader prosperity of all Guyanese.
Suresh Beharry, the Executive Chairman and CEO of GBTI also delivered remarks.
Joining the president were First Lady, Arya Ali; Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh; Minister of Culture, Youth and Sport, Charles Ramson Jr among other invitees. (DPI)
