The government is pressing ahead with plans to move Guyana toward a cash light economy, with electronic payments and mobile transactions playing a key role in ongoing financial sector reforms, President Irfaan Ali said on Friday.
The President was speaking at the launch of new private banking services at the Guyana Bank for Trade and Industry(GBTI) where he said the country can no longer depend on a cash heavy banking system that no longer fits a modern and growing economy.
He noted that efficient, secure and technology driven payment systems are now essential, adding that daily transactions should reflect the realities of how people live and do business. “We cannot modernize the economy by clinging to archaic banking systems and practices,” the President said. “In a modern world, you should be able to go to the supermarket and pay with your cell phone.”
Ali said the government intends to roll out a national electronic payment system that would significantly reduce the need for citizens to visit banks in person to withdraw or deposit cash. He pointed out that long lines at financial institutions result in wasted time and reduced productivity across the economy. “Too many citizens still have to spend hours just to access their own money,” he said. “When you add up that lost time, it shows a real economic cost.”
According to the Head of State, a national electronic payments platform would improve convenience while also strengthening tax collection, simplifying salary payments, supporting government transfers and modernising transactions in both the public and private sectors.
However, he cautioned that the shift to digital payments goes beyond passing laws and will require strong infrastructure, reliable technology, coordinated banking platforms and solid security systems.
“We have to go all the way,” Ali said, stressing the need to create the right environment, build the necessary systems and ensure security is built into every level of the process.
He also said the government will move to strengthen the regulatory and oversight role of the central bank to ensure the payments and deposit system remains safe and efficient as reforms advance. Financial modernisation, he added, must always protect the stability of the sector.
The push for electronic payments forms part of a wider effort to reduce dependence on cash and expand financial inclusion. The President said banking systems exist to serve people and must continue to evolve to meet their needs.
“We cannot operate with yesterday’s payment systems,” he said. “A growing economy needs modern financial architecture, and standing still is not an option.”
