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 Irfaan Ali made the announcement while delivering remarks at the 190th Anniversary Dinner of Guyana Bank for Trade and Industry, held at the Guyana Marriott Hotel Georgetown on 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 of the 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, adding that “the system is expected to significantly reduce reliance on cash, lower 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 Payments Interface (UPI), a digital payment architecture developed by the National Payments 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 — 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 Guyana Bank for Trade and Industry 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 a record-breaking pace, building systems not to meet today’s requirements, but to meet the requirements of 100 years from now.”
Celebrating 190 years of operations, Guyana Bank for Trade and Industry 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 described as “a new golden era of banking” that will lead to broader prosperity for all Guyanese.
Suresh Beharry, Executive Chairman and Chief Executive Officer of Guyana Bank for Trade and Industry, 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; and Minister of Culture, Youth and Sport, Charles Ramson Jr., among other invitees. (DPI)
