Guyana enters real-time banking era with launch of Fast Pay, UPI, int’l banks – Pres Ali

…as GBTI celebrates 190th anniversary

Underscoring Guyana’s new golden era of banking at the 190th anniversary celebrations of the Guyana Bank for Trade and Industry (GBTI) on Saturday night, President Dr Irfaan Ali announced three landmark developments that signal a bold leap in Guyana’s financial sector.

The president announced the imminent launch of Fast Pay, Guyana’s first real-time payments system, alongside the adoption of the Unified Payments Interface (UPI), a globally recognised digital payments architecture pioneered by India’s National Payments Corporation. He further revealed that the Bank of Guyana has licensed three major international financial institutions to operate representative banks locally: Citibank and OneAmerica of the United States, and Crown Agents of the United Kingdom.
“…Together, these two initiatives will position Guyana at the forefront of digital financial transformation in the region, creating a faster, safer, and more inclusive payments environment for citizens and businesses alike,” Ali said as he underscored the significance of the fast-payment systems during the 190th Anniversary celebrations of GBTI, held at the Marriott Hotel.
“But the good news does not end there,” he said, noting that Guyana’s financial sector is entering a new phase of deeper competition and international integration following the Bank of Guyana’s licensing of three major international financial institutions to operate in the country.
He identified the institutions as Citibank, Crown Agents, and OneAmerica, a non-bank financial institution, describing them as globally recognised entities with strong balance sheets, long institutional histories, and wide cross-border networks. “These are not marginal entrants,” he added, emphasising their scale and international standing.

Fast Pay
The Fast Pay system, scheduled to go live on June 2, will allow instant transfers between banks and financial institutions.
The president said this marks a decisive break from traditional settlement delays, enabling businesses and individuals to move money seamlessly, reduce transaction bottlenecks, improve liquidity, and enhance consumer confidence.
It is expected that the Fast Payment system will also boost e-commerce, small business operations, and cross-border trade.

Rollout and benefits
Governor of the Bank of Guyana, Dr Gobind Ganga, explained how the system would function for an average banking customer, highlighting its ease of use and accessibility.
“You have an account with GBTI and want to send money to someone at RBL (Republic Bank Limited), Demerara [bank], Citizens [Bank]…one of the local banks, you just with an app can do so from your home, job or on the road,” he said.

Dr Ganga said the testing phase has been successfully completed, adding that the banks are now prepared for the launch of the payment platform, which will facilitate seamless 24-hour transactions across institutions.
He further noted that the system is expected to significantly improve access for rural and hinterland residents, allowing them to make payments via mobile phones, shop, order goods, and receive funds without the need to travel long distances.
During this year’s Guyana Energy Conference and Supply Chain Expo, President Ali had announced that two banks—Republic Bank and another major institution—had already secured approval to operate fully on the digital platform, as he emphasized that the government’s vision is for the economy to “run on a digital backbone.”
The initiative includes digital wallets, electronic transfers, and modern payment systems designed to expand financial access for small businesses and individuals who previously struggled to obtain credit. Complementary government programs are offering collateral-free loans, interest-free financing, and technical support to entrepreneurs.

UPI integration
Guyana’s adoption of Unified Payments Interface (UPI) integrates the country into a proven digital payments ecosystem already transforming economies in Asia. UPI allows interoperability across banks, mobile wallets, and fintech platforms; supports QR code payments, peer-to-peer transfers, and merchant transactions.
By leveraging India’s model, Guyana positions itself as a regional leader in digital finance. “It has worked well for India and will do the same here,” Dr Ganga said.
He noted that with UPI set for launch by the end of this year, “it would mean that we have two 24/7 real-time payment platforms.”

Int’l banks
Regarding the licensing of Citibank, N.A. (National Association), Crown Agents, and OneAmerica, President Ali said it represents a watershed moment for Guyana’s banking sector.
“These are not marginal entrants, but globally recognised players with substantial balance sheets, long-standing institutional histories, and extensive cross-border networks. Their approval by the Bank of Guyana signals a clear vote of confidence in Guyana’s macroeconomic stability, regulatory credibility, and long-term growth trajectory,” he said.
Further, he added, “while these institutions will not engage in retail deposit-taking, their presence will significantly expand the country’s access to international capital markets, trade finance, corporate advisory services, and development financing.”
Citibank N.A. brings global capital markets expertise and cross-border financing. Crown Agents, with its long history in development finance, strengthens institutional capacity, and OneAmerica introduces innovative non-bank financial solutions.
With oil revenues driving rapid economic growth, Ali noted that Guyana is positioning itself as a Caribbean financial hub. The combination of real-time payments, digital interoperability, and international banking entrants could transform Georgetown into a centre for regional trade and finance.
As Guyana prepares to celebrate the 60th anniversary of its Independence, the President said there is strong justification for viewing the financial sector with both confidence and optimism.

GBTI’s legacy
With GBTI dating back 190 years from colonial roots to now digital transformation, the President hailed the bank for its services and commitment to keeping citizens at the heart of its decisions.
“One might even venture to say that we are already in a new golden era of banking in Guyana, and GBTI, I must say, is ahead of this golden era. They are modernising at a pace that is unbelievable, they are adopting and applying technology at record breaking pace. This bank is innovating and building systems not to meet today’s requirement, but to meet the requirement of 100 years from now. So I can say without a shadow of a doubt that GBTI is an important part of this revolution, modernization, and innovation, and I congratulate all of you here at this bank.”
GBTI’s milestone traces its lineage back to the Colonial Bank of 1836 and later Barclays Bank. The gala, which the President noted was against Guyana’s 60th Independence observances, was both a celebration of heritage and a vision of the future.
“The story of GBTI is much larger than the banking itself. It goes deep into what emancipation represented, what colonial rule represented, and the integration of the financial system of the Caribbean,” he said.
Using the occasion to call for national responsibility and unity, the President said that Guyana’s citizens “Have a duty to our country… a duty to ensure that confidence in our country is not undermined by our own actions and our own behavior.”
Linking this to Guyana’s independence dream, he added, “The dream of 1950 is not only an independent Guyana. The dream of 1950 is an independent, united, free, and prosperous Guyana. And there is no way we can build this country without establishing relentlessly and deepening the unity of our people.”