Guyana lacks laws to govern electronic payment services
While there are specific legal provisions for international remittance services, there are no statutory or regulatory provisions to govern a range of other payment services and payment mechanisms in Guyana.
This was outlined in a critical report that looks at the implementation of the National Payment System Plan which was prepared by the World Bank in partnership with the Bank of Guyana. In that report, the Central Bank notes that there are no statutory provisions on electronic transactions, including the electronic processing of cheques and the use of truncated or electronic cheques. The Bank said, too, that there are no provisions on credit transfers, either paper-based or electronic, or on electronic debit transfers. It outlined that no secondary measures exist on cards, either credit or debit, or on e-money instruments. Apart from the specific provisions on international remittances, Bank of Guyana officials said that the law is silent on whether non-banks are allowed to offer other payment services. In the absence of such provisions, the officials said that the provision of domestic remittances and bill payment services by Money Transfer Agents (MTA) falls completely outside legal and regulatory framework, and thus, outside the reach of Bank of Guyana oversight. Finance Minister, Winston Jordan officially launched the implementation plan for the National Payment System (NPS) last week. The economist announced that the plan and its execution will be led by the Bank of Guyana. According to the document, the Bank recognizes that Guyana’s National Payments System falls short of meeting the needs of the economy and financial markets for efficient, safe and sound means to conduct transactions and transfer funds. To overcome these shortfalls, the Central Bank is undertaking the leadership role in a comprehensive and strategic modernization of Guyana’s NPS. With the active participations and cooperation of all NPS stakeholders, the Bank intends to undertake a comprehensive initiative to modernize the NPS and advance the use of electronic payments.
(Kaieteurnews)