HGP Nightly News – Guyana’s banking sector is preparing for a major shift, with a new real-time payment system set to go live on June 2, 2026, and three international financial institutions now licensed to operate in the country.
President Dr. Irfaan Ali made the announcement on Saturday while delivering remarks at the Guyana Bank for Trade and Industry’s 190th Anniversary Dinner at the Guyana Marriott Hotel in Georgetown.
The new payment system, called FASTA, is expected to allow customers at participating banks to send and receive money instantly using mobile phones or internet banking platforms.
According to the President, transactions that once depended on clearing cycles or branch-level processing will soon be completed within seconds. He said the system is expected to reduce reliance on cash, lower transaction costs for households and businesses, and improve the speed and convenience of daily financial transactions.
The government is also moving ahead with Guyana’s integration into India’s Unified Payment Interface, known as UPI. The digital payment system, developed by the National Payments Corporation of India, already processes billions of transactions monthly in India.
UPI uses a Virtual Payment Address system, which allows secure transfers without exposing sensitive bank account details. President Ali said Guyana’s partnership with the Government of India will allow the system to connect with the country’s growing digital payments ecosystem.
He said FASTA and UPI together will place Guyana at the forefront of digital financial transformation in the region, creating a faster, safer, and more inclusive payment environment for citizens and businesses.
The President also announced that the Bank of Guyana has licensed three international financial institutions to operate locally: Citibank, Crown Agents, and One American.
While these institutions will not be involved in retail deposit-taking, Ali said their presence will expand Guyana’s access to international capital markets, trade finance, corporate advisory services, and development financing.
He described the approvals as a sign of confidence in Guyana’s macroeconomic stability and regulatory credibility.
The President also pointed to strong performance in the local banking sector, noting that private sector credit grew by 20.4 percent year-on-year in 2025. He said growth was recorded across construction, agriculture, wholesale and retail, and services, which he described as evidence of an economy developing across several areas.
Ali also praised GBTI, saying the institution is already positioning itself for what he called a new golden era of banking. He said the bank is modernising rapidly and building systems not only for current needs, but for the demands of the future.
GBTI, which is celebrating 190 years of service, is one of the oldest financial institutions in the Caribbean, with roots dating back to the Colonial Bank era.
The President congratulated the bank’s management, staff, and directors, saying its contribution to financial services and national development remains important as Guyana approaches 60 years of independence.
GBTI Executive Chairman and CEO Suresh Beharry also delivered remarks at the event, which was attended by First Lady Arya Ali, Senior Minister with responsibility for Finance Dr. Ashni Singh, Culture, Youth and Sport Minister Charles Ramson Jr., and other invitees.
