Guyana to Launch FAST PAY Real-Time System and License Three International Banks

Guyana’s financial sector is heading into a broad shake-up after President Dr Mohamed Irfaan Ali disclosed plans for a real-time payments network and the licensing of additional international banks.

Speaking at the Guyana Bank for Trade and Industry’s (GBTI) 190th anniversary dinner at the Guyana Marriott Hotel in Georgetown on Saturday, President Ali said the changes mark a defining moment for the country’s banking industry.

The earliest shift will be FAST PAY, a real-time payments platform set to go live on 2 June 2026. When it launches, customers at participating banks will be able to move money instantly via mobile phones or internet banking.

“Transactions that previously required clearing cycles or branch-level processing will now be completed in seconds,” the president said. He added that the system should ease reliance on cash, bring down transaction costs, and make financial services faster and more convenient.

Guyana is also due to connect with India’s Unified Payment Interface (UPI), a widely used digital payments system that allows secure transfers without revealing sensitive bank details. UPI processes billions of transactions monthly in India and is expected to deepen Guyana’s digital payments framework.

“Together, these two initiatives will position Guyana at the forefront of digital financial transformation in the region,” President Ali said, framing the effort as a move toward a “faster, safer, and more inclusive payments environment.”

In parallel, the Bank of Guyana has approved licences for three international financial institutions — Citibank, Crown Agents, and One American — widening the country’s ties to global finance.

Though they will not hold retail deposits, President Ali said their operations will improve access to international capital markets, trade finance, corporate advisory services, and development funding.

He highlighted strong momentum in the sector, noting that private sector credit grew by 20.4 per cent year-on-year in 2025, fuelled by expansion in construction, agriculture, retail, and services.

President Ali described GBTI as a leading force in the sector’s development, applauding its technology upgrades and long-range planning.

“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.”

He said the bank is putting in place systems “not to meet today’s requirement, but to meet the requirement of 100 years from now.”

GBTI, which dates to the Colonial Bank era, is among the Caribbean’s oldest financial institutions and is marking 190 years of operations this year.

President Ali said the reforms fit a wider national transition as Guyana approaches 60 years of independence, describing the period as the start of a “new golden era of banking.”

Also at the event were First Lady Arya Ali, Finance Minister Dr Ashni Singh, Culture Minister Charles Ramson Jr., and other officials.