“We cannot become globally competitive if our economy remains dominated by cash transactions” – President Ali

President Dr Irfaan Ali has emphasised that Guyana “cannot become globally competitive if our economy remains dominated by cash transactions”.
He made the remarks on Monday during the opening of Demerara Bank’s newest location at Beterverwagting, East Coast Demerara (ECD).
But according to the Head of State, “as we celebrate this physical expansion of banking, we must also recognise that banking itself is changing.”
The future of banking, he posited, is digital.
“There was a time when banking meant standing in long lines. People would go into a branch to deposit money, withdraw cash, or pay bills. The bank was a place you had to visit…that model is changing. The future of banking is digital. The future of banking is online banking. The future of banking is cashless transactions,” he noted.
Basic transaction such as deposits, transfers and bill payments must now be done electronically, the President said.
“The long lines at the ATM will become shorter. The need to carry large amounts of cash will diminish, and we will build a more modern, efficient, secure financial system. We would like to see more transactions being done through digital means. Payments by debit card, transfers through mobile banking, online purchases, and electronic payments,” the Head of State explained, as he elaborated on why this shift is important.
“Because a cash-based economy carries risk. Cash can be lost, it can be stolen, it is harder to track, and it limits efficiency. A digital financial system, on the other hand, is faster, safer, and more transparent,” he emphasised.
Nevertheless, Ali recognised that not everyone will welcome this change.
“There will be some who prefer to continue operating in cash. There will be those who are uncomfortable with digital systems, and there will be those who resist change for their own reasons,” he acknowledged.
But according to Ali, “we cannot become globally competitive if our economy remains dominated by cash transactions. We cannot fully integrate into the global marketplace if we do not modernise our financial systems. That is why the government is committed to building a financial ecosystem that will gradually move us towards the reliance on technology and electronic means of setting accounts.”
He explained that this does not mean abandoning cash overnight, but about creating options.

Encouraging adoption
“It means encouraging adoption over time. One of the ways we are doing this is by using the existing banking system to deliver public payments. Instead of creating entirely new digital accounts for every citizen, we have chosen a more practical and efficient approach. We are using bank accounts to deliver Old Age pensions, NIS benefits, salaries of government workers, payment of utility bills, and now the cash grant. This approach is cheaper, it is more orderly, and it is more convenient for citizens. It also strengthens financial inclusion because when people receive payments through the banking system, they become part of that system,” he noted.
“They are more likely to save, to transact, and to access other financial services,” he added.
Nonetheless, President Ali also recognised that there are areas across the country where banking services are still limited or even absent but noted that the government is committed to addressing this challenge.
“We are expanding broadband infrastructure. We are improving connectivity. And we believe that even in the most remote areas, digital banking can be a reality,” he assured.
President Ali announced that in the next six months, Guyana will be in a position to launch the National Payment Platform. This will create the platform necessary for cashless transactions, including via digital wallets.
“Let us imagine what that future will look like. Imagine going to the market and paying for your goods with your phone or your bank card. No need to count cash. No need to worry about change. Imagine small businesses accepting electronic payments easily and securely. Imagine farmers receiving payments directly into their accounts. Imagine a young entrepreneur applying for a loan online and receiving approval without ever stepping into a branch. Imagine managing your entire financial life from savings to investment through a secure mobile app. This is the future of banking. And that future is not far away,” the President said.
He emphasised that this shift will require strong collaboration between the government and banking sector.
“We must invest in technology. We must improve digital platforms. We must educate our citizens. We must invest greater in financial literacy. Because, believe it or not, there are some persons who still struggle with using the ATM. And we must ensure that no one is left behind. Whether we like it or not, this is the direction in which the world is moving. This is the future of banking. And as Guyana transforms, our banking sector must transform with it,” he posited.