Guyana’s financial sector is set for a major leap forward with the official launch of Fast Pay, the country’s new real-time payments platform, on June 2, 2026, a development President Dr. Mohamed Irfaan Ali says will significantly modernise how financial transactions are conducted nationwide.

The Head of State made the announcement during the Guyana Bank for Trade and Industry’s 190th anniversary celebration at the Guyana Marriott Hotel Georgetown on Saturday evening.

The president described the system as a transformative step toward a faster, more efficient, and digitally driven banking ecosystem.

According to President Ali, Fast Pay will enable customers of all participating banks to send and receive funds instantly, at any time of day, seven days a week, using mobile phones or internet banking platforms.

Once operational, the system will eliminate many of the delays associated with traditional banking transactions, including clearing cycles and branch-level processing, allowing transfers that once took hours or days to be completed within seconds.

He noted that the launch of Fast Pay marks a significant milestone in Guyana’s digital transformation agenda and positions the country to meet growing demands for speed, accessibility, and efficiency in financial services.

The President also highlighted that Fast Pay forms part of a broader effort to modernise the sector, including Guyana’s planned integration into the Unified Payments Interface (UPI) through collaboration with the Government of India. He explained that this internationally recognised payment architecture will further expand digital transaction capabilities and strengthen Guyana’s connection to global financial innovation.

“Together, these initiatives will position Guyana at the forefront of digital financial transformation in the region,” President Ali stated.

Additionally, he announced that Guyana’s financial sector is entering a new era of expanded international engagement with the licensing of major global institutions including Citibank N.A., Crown Agents, and One Americas.

He said their presence reflects growing international confidence in Guyana’s economic stability and long-term growth trajectory, while complementing efforts such as Fast Pay to build a more competitive and globally connected financial system.

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.

(MODIFIED OFFICE OF THE PRESIDENT PRESS RELEASE)