Guyana has completed a national payment platform and granted approval for two local banks to operate fully online, President Mohamed Irfaan Ali announced Tuesday, describing the development as a major step toward building a digital economy.
Ali made the disclosure while delivering the feature address at the opening of the Guyana Energy Conference and Supply Chain Expo at the Guyana Marriott Hotel in Georgetown. He said the Bank of Guyana has finalized the infrastructure needed to support a modern digital payments system, laying the groundwork for expanded use of electronic transfers, digital wallets and online banking services.
“We want our economy to run on a digital backbone,” the president said, noting that regulatory approvals are already in place for the transition.
The initiative is part of a broader effort by the government to modernize financial services and expand access to credit. Ali said digital banking is expected to improve financial inclusion, particularly for small and medium-sized enterprises and individuals who have faced barriers within the traditional banking system.
He added that government-backed programs offering collateral-free and interest-free financing, along with technical assistance, are designed to help entrepreneurs develop bankable proposals and manage their operations more effectively in a digitized environment.
Beyond the financial sector, Ali said the government is accelerating reforms across the public service to improve efficiency and transparency. Ministries and agencies are upgrading their systems to shorten processing times, reduce human bias and enhance accountability.
The transformation includes the rollout of digital identification systems, expanded e-government platforms, and strengthened cybersecurity and data protection frameworks to safeguard information in an increasingly connected economy.
Ali also underscored the importance of investing in human capital, noting that coding and digital skills training are being introduced to better prepare young Guyanese for participation in the global technology-driven marketplace.
“We are not sleepwalking through this journey,” he said, emphasizing that technology adoption must be strategic and sustainable.
Investments in data infrastructure and emerging technologies such as artificial intelligence are expected to support improvements in healthcare, education, security and commerce, the president said.
He added that the ultimate objective is to ensure that citizens can access services, conduct transactions and seize economic opportunities quickly and efficiently as the country continues its rapid growth.