The Bank of Guyana (BoG) has commenced work on a national strategy for payments system reform which will ultimately see the introduction of an electronics payment structure that can replace the current paper-based payment mechanism.
Finance Minister, Winston Jordan announced during the presentation of the 2018 National Budget that works are afoot to switch to the digital payment system.
“Specifically, in 2018, the strategy is expected to be completed and compilation of the technical specifications of the required infrastructural upgrades will be underway,” the Minister stated.
Jordan said once operationalised, the National Payment System is expected to handle a turnover of approximately 120 percent of Guyana‘s GDP.
BoG Governor, Dr Gobind Ganga had announced during a press conference last year that the implementation of this programme will lead to benefits in several areas and could see the government saving up to $266M every year.
The programme to reform the national payment system is being done in collaboration with the World Bank. Dr Ganga had noted that the new system would be more than the physical money transactions; he said it would include legal and regulatory frameworks, institutional policies, rules, regulations and procedures.
Under the programme, the Central Bank will also seek to attract higher rates of electronic payment acceptance by vendors, merchants and other providers of goods and services.
