Finance Minister Winston Jordan two weeks ago tabled a bill for the establishment of a National Payments System (NPS) which will encompass a broad range of areas including licensing, fees and charges and money transfer agencies .
The National Payments System Bill 2018 is part of government’s efforts to upgrade the laws, regulations and infrastructure for a safe, efficient and modern payments system.
According to the bill, NPS means “the whole of the services that are associated with the sending, receiving and processing of orders of payment or transfers of money in domestic or foreign currencies, issuance and management of payment instruments, payment systems, clearing systems, including those processing securities, arrangements and procedures associated to those systems and services, and payment service providers, including operators, participants, and any third party acting on behalf of them, either as an agent or by way of outsourcing agreements, whether entirely or partially operating inside Guyana.”
