Pres Ali signals new era of cashless banking, financial overhaul in Guyana

President Dr Irfaan Ali has revealed that digital wallet services will soon be available in Guyana as two local banks are preparing to launch modern electronic payment systems following approval from the Bank of Guyana. He made the comment as he delivered the feature address at the opening ceremony of the Guyana Energy Conference and Supply Chain Expo (GECSCE) 2026 at the Guyana Marriott Hotel Georgetown on Tuesday last. The President outlined sweeping financial sector reforms aimed at creating a digital backbone for the economy. “We want our economy to run on a digital backbone. Today, I am pleased that we have completed the process at the central bank of building the national payment platforms, and two local banks are ready to go completely on the digital platform. They’ve already been approved so that we can now have digital wallets, digital payment systems and digital transformation here in Guyana that will be the new standard,” the President said.

The digital wallet initiative marks a significant step in Guyana’s efforts to modernise its financial architecture, reduce reliance on cash transactions and expand access to secure, technology-driven banking services nationwide. The move builds on steps taken last November when Demerara Bank Limited (DBL) rolled out new digital banking services allowing customers to open accounts entirely online. Since 1 November 2025, customers have been able to open accounts online at four commercial banks: DBL, Guyana Bank for Trade and Industry (GBTI), Republic Bank Guyana Limited and Scotiabank Guyana. According to President Ali, the digital payment rollout forms part of a broader national transformation agenda that also prioritises financial and technological inclusion. “We have to ensure financial inclusivity, technological inclusivity. That is why we are also going to offer people the opportunity to invest in their future collateral-free and interest-free. We are backing this up with technical expertise by putting together a technical group that will transfer their ideas into bankable proposals and then hand-hold them through the process of management and creating viable and sustainable enterprises,” he said, as he spoke about the upcoming establishment of the Guyana Development Bank to unlock larger pools of lending from commercial banks. “We are looking at a Guyana Development Bank as a tool to unlock larger lending from the other banks, so the interest-free, collateral-free resources you’ve already negotiated with the commercial banks will now work towards unlocking additional resources at lower interest costs and lower collateral requirements. That brings the whole new generation into the umbrella of entrepreneurship and transforming their ideas into reality,” he stated. The President also pointed to plans for a junior stock exchange, noting that transparency and participation in formal financial markets are critical to sustainable growth. Apart from financial services, Ali emphasised that Government operations are also undergoing digital transformation. “The Government must be efficient. The Government must be transparent, and Government service must also be delivered effectively,” he said. “That is why the entire Government is now transforming itself on a technological platform to ensure there is speed, accuracy, efficiency and removal of human biases as far as possible.” He added that initiatives such as a citizen-centric digital ecosystem, innovation hubs, a national digital literacy programme and strengthened cybersecurity and data protection frameworks are central to the country’s modernisation drive. “What is the use of all of this if we don’t have a national security system to ensure that our financial system is safe and our people are safe? That is why we are investing. It is not about reacting; it’s about preventing crime. We’re not only doing tomorrow’s technology, because the technology we’re applying is predictive technology. It is AI (artificial intelligence) at a different scale,” the President said. “We believe we have to make the investments for tomorrow today. We have to make the investments for tomorrow today. That is why all of this development, security and investment in security is critical.”