THE Guyana Association of Bankers (GAB) has commended the Bank of Guyana (BoG) for its efforts towards the improvement and modernisation of the country’s National Payment System Development Plan.

This was communicated through a press release whereby the GAB acknowledged that upon completion, the new system would allow efficient, safe and sound means for the transfer of funds between participating entities.

The plan, being spearheaded by the BoG, will tackle the state’s current challenges in the areas of electronic payment systems; infrastructure; legal and regulatory frameworks and more.
It was launched earlier this month by Minister of Finance Winston Jordon during a press conference.

The release stated: “The Guyana Association of Bankers embraces and supports this initiative, which will benefit all users of the financial system.”
Recent efforts by this newspaper to determine the public’s expectation of this plan resulted in several citizens indicating their interest in the reformation of the remittance market.
This would see them receiving money sent by relatives and friends through much safer and fasters means.

The BoG intends to pass a National Payment System Act with supporting legislation in the National Assembly, which will additionally seek to address issues of the legality of electronic signatures for e-payment.

The plan is set to be fully implanted by the year 2030, while a 2017-2021 medium-term action plan will serve as the first phase towards this realisation.