His Excellency President Dr Irfaan Ali outlined a new phase of innovation and international integration for Guyana’s financial sector during the Guyana Bank for Trade and Industry’s 190th anniversary celebration at the Guyana Marriott Hotel Georgetown on Saturday evening.During the feature address, the President announced that two major developments are set to fundamentally reshape and modernise Guyana’s banking and payments ecosystem.

The first is the launch of Fast Pay, Guyana’s  new realtime payments system. Fast Pay is scheduled to go live on 2 June 2026.

According to President Ali, once operational, “customers of all participating banks will be able to send and receive funds instantly, at any time of day, seven days a week, using mobile phones or internet banking platforms”.

He explained that transactions that previously required clearing cycles or branchlevel processing will now be completed in seconds, which will reduce reliance on cash and dramatically improve the speed and convenience of everyday financial activity.The second transformative step is the introduction of the Unified Payments Interface (UPI), an internationally recognised digital payment architecture pioneered in India.According to the President, UPI has already revolutionised digital finance in India, with billions of monthly transactions done through an open and interoperable system that links multiple bank accounts to a single mobile platform. He said that Guyana’s integration into this system, through its partnership with the Government of India, will significantly broaden the country’s digital payments ecosystem.“Together, these initiatives will position Guyana at the forefront of digital financial transformation in the region”.The Head of State also announced that Guyana’s financial sector is entering a new phase of deepened competition and international integration following the licensing of three major international financial institutions to operate in the country: Citibank N.A, Crown Agents, and One Americas.

These globally recognised players, he said, bring substantial balance sheets, longstanding institutional histories, and extensive crossborder networks.“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.”The President added that their approval by the Bank of Guyana signals confidence in Guyana’s macroeconomic stability, regulatory credibility, and longterm growth trajectory.