Guyana Payments System Project

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The development objective of the Payments System Project is to improve Guyana's national payments system by enhancing safety and efficiency of payments. It has three main components. The first component, developing payments system infrastructure will focus on financing the required hardware and software infrastructure by the Government in order to provide interbank clearing and settlement services for electronic payments. The component will finance the hardware and software for the Real-Time Gross Settlement System (RTGS) to be operated by the Bank of Guyana (BoG). The component will finance the hardware and software for the Central Securities Depository (CSD) to be operated by the Bank of Guyana. The project will also finance an information security audit of the payments systems’ technical infrastructure and will finance activities to promote the engagement of the private sector’s usage of electronic payments. The second component, Capacity Building of the BoG is mainly focusing on the capacity building of BoG staff in the specific technical areas required for ongoing operation and management of the infrastructure systems. This project brings together multiple Information and Communication Technology (ICT) activities and would hence require the support of consultants and entities that would assist the new Project Implementation Unit (PIU) in managing the implementation aspects of the ICT activities. Completion of relevant training and study tours would also further strengthen the capacity of the relevant Bank of Guyana staff and would be financed under this component. The third component, project implementation unit will focus on supporting the efforts of the implementing agency to effectively execute the Payments System Project.