The government has finalized its vision and implementation plan for advancing the use of electronic payments and reducing instances for cash payments and burdensome paperwork in financial transactions.
Finance Minister Winston Jordan will take the National Payment System Strategy (NPS) to the National Assembly at its next sitting, paving the way for its implementation.
The Bank of Guyana had reported that Guyana’s national payments system fall short of meeting the needs of the economy and financial market for efficient, safe and sound means to conduct transactions and transfer funds.
The vision for NPS is to build a robust, safe, sound, efficient and inclusive national payment system that meets the current and future needs of the economy.
It will support financial activity and financial sector development while advancing the use of electronic payments and contribute to financial risk mitigation while adhering to relevant international standards, guidelines, and codes.
Over the next four years there will be an enactment of a National Payment System Act, with the supporting regulations; enhance the efficiency of payment processing and reduce settlement time for both retail and large value transactions.
The government will also move to put systems in place that will attract higher rates of electronic payments acceptance by vendors, merchants and other providers of goods and services and expand accessibility of electronic payment across networks and support e-commerce.
The NPS Strategy and action plan for Guyana are organized around the nine pillars of conceptual framework developed by the World Bank on National Payment System.
Minister Jordan said he is proud of Guyana’s progress in this area.