-says new payment systems, UPI to further boost confidence in country’s financial ecosystem
UNDERPINNED by a strong growing economy and rapid modernisation of its financial system, Guyana is entering a new era of global banking, President Dr. Irfaan Ali has said.
Addressing an audience on Saturday evening at the Guyana Bank for Trade and Industry (GBTI)’s 190th Gala Anniversary, President Ali linked the evolution of Guyana’s banking system to the wider transformation of the national economy, arguing that the financial sector is now robust enough to support broad‑based prosperity.
“Guyana today possesses a strong and stable financial sector that is helping to underpin the country’s broader economic transformation. Throughout 2025, the banking system has remained well capitalised [and] highly equipped”, he said, adding:
“Public confidence in the banking system remains high. One of the clearest indicators of the sector’s strength has been a remarkable expansion of private sector credit, which grew by 20.4 per cent year on year in 2025.”
BROAD-BASED
One of the clearest indicators of this strength, he said, has been the rapid increase in lending to businesses.
“That growth has been broad-based across virtually every sector. Every productive sector of economy, construction, wholesale, and retail, agriculture services, growth has been even and broad-based that tells the story of a diversified economy,” he emphasised.
For the Head of State, this pattern demonstrates that Guyana’s economy is diversifying and “growing on many pillars,” rather than depending on a single sector.
At the same time, savings and deposits across the banking system have continued to rise, signalling higher disposable incomes and growing financial confidence among households and firms.
“A growing savings base strengthens the long‑term stability of the banking sector by providing more reliable domestic funding for investment and development,” he said.
FROM COLONIAL LEGACY TO MODERN CONFIDENCE
The President placed these developments in a long historical context, recalling that Guyana’s financial system has journeyed from colonial merchant credit and overseas‑owned banks, through the state‑owned institutions of the 1970s, to a present landscape featuring strong indigenous private banks alongside international players.
He argued that this trajectory has now reached an inflection point, with Guyana poised to leverage its financial strength to deliver wider social and economic gains.
“One might venture to say that we are already in a new golden era of banking in Guyana,” he told the audience.
He pointed to two major developments on the horizon that will soon reshape and modernise the country’s financial ecosystem. First is the launch of the country’s real-time payment system in June. The second is the introduction of Unified Payment Interface (UPI) and internationally recognised digital payment architecture pioneered by the National Payment Corporation of India.
“Together, these two initiatives are positioned by the foreground of digital financial transformation in the region, creating a faster, safer, and more inclusive payments environment for citizens and businesses alike, but the good news does not end, does not end there,” he added.
President Ali praised the GBTI, describing it as being “ahead of this Golden Era” through sustained investment in innovation, technology, and research.
“This bank is innovating and building systems, not to meet today’s requirements but to meet the requirements of 100 years from now,” he said, commending its commitment to national pride and development.
He highlighted the bank’s support for agriculture, noting that its lending portfolio reflects a deliberate commitment to national development and parity across sectors and regions.
“Their lending portfolio reflects a commitment to national development and national parity, and for me, that is important; that is critical, and that is most commendable,” he added.
CONFIDENCE IN THE FUTURE
Looking ahead, the President suggested that the combination of a solid, well‑regulated banking system, rising savings, and strong credit growth provides a firm foundation for Guyana’s continued transformation.
As the country approaches another independence anniversary, he urged citizens and institutions alike to protect confidence in the economy and to see the financial sector not merely as a facilitator of transactions, but as a cornerstone of Guyana’s long‑term prosperity.
He stressed that Guyana’s financial landscape is entering a new phase of global recognition with many of its institutions being recognised as global players boasting substantial balance sheets, longstanding institutional history, and extensive cross border networks.
