THE Bank of Guyana, in its effort to monitor payment services, noted that mobile money accounts increased by 6.8 per cent in 2018, with a value of $449.7 million compared to $379.3 million in 2017.

According to the bank in its 2018 annual report, mobile money services moved from 37,157 to 38,666 in 2018. The bank also noted that the number of merchants accepting mobile money payments also increased from 42 to 61, while MMG’s e-wallet increased from $175 million in December 2017 to $225 million in February 2018.

As e-services continue to grow, the bank also intends on staying on track. It received support from the World Bank to the tune of US$6 million to modernise Guyana’s Payment System infrastructure. The support entailed implementing a new Payments System Act with supporting regulations and modernisation of the Payment System infrastructure.
The modernisation efforts from paper-based instruments to electronic payments will result in significant cost savings and efficiency improvements while reducing operational, credit, legal, liquidity investment and custody risks.

The Project Implementation Unit (PIU) has been functioning and continues to execute its mandate since it was formed in fiscal year 2017 to implement the project which has a shelf life of four years (2017– 2021).

During 2018, the project progressed well in line with its scheduled Work Plan. Its major accomplishment was the finalisation of the National Payments System Act 2018 which was signed into law by President David Granger in August 2018. “Work also commenced on procurement activities relating to the hiring of Procurement and Implementation Consultant and a Vendor for the supply and implementation of the RTGS and CSD systems. Additionally, the required fibre optic interconnectivity activity for networking is well under way,” said the bank.

The oversight functions with respect to the Oversight Payments Unit within the Bank of Guyana along with the council for guidance are at the initial stage of development. During the planning and procurement phase of the project, which occurred in 2018, the Bank of Guyana continued to monitor the payment services that currently exist within the system.