In the face of the prolonged delay in acquiring frequency spectrum, the Guyana Telephone and Telegraph Company (GTT) has embarked on a pilot fibre-optic telephone and high-speed system on the West Bank Demerara.

Outgoing Chief Financial Officer, Sonita Jagan told a news briefing on Thursday that work is ongoing in La Retraite, Nismes and Bagotville front to deliver the service.

She said that would replace the obsolete Fixed Wireless Access technology.

Jagan said the decision was taken to move in that direction because of the prolonged delay in acquiring additional frequency spectrum. GTT's competitor, Digicel, has also complained about simple bottlenecks.

The two-time CFO said the decision was taken at a time when Internet Protocol technology has made significant advances and the electricity supply on the West Bank Demerara has improved.

"It hasn't happened and we feel we cannot hold back anymore," she said.

GT&T said it would this year also facilitate money transfers and bill payments via its highly secured "Mobile Money" system which is to be launched during the first quarter.

"You got the technology now on the phone itself where your phone actually becomes your wallet so it's not only about having your phone ...with credit as we like say in Guyana, it's now where you can have cash. You can go to any of our agents and you can actually deposit cash in your phones," Jagan said.

Stressing the security of the system she noted that the subscriber would have the same protection as with an ATM card with the set up of a PIN and other personal security information. The official said they already have agrements with IPED, GPL and GWI for mobile money payments.

Subscribers would also be able to utilise the service like a debit card by withdrawing cash from GT&T mobile money agents.

"One of the big things is that you can actually do local money transfers and this is how it started because you had people working in the urban areas wantin to send money to their families in the rural areas; I think in Guyana'scase it will be opposite where people in the gold mining areas who will want to send money to the urban areas," Jagan added.

She stated that they have fulfilled the criteria to operate a money transfer business and have received the necessary licence. Phase two will see the roll out of international transfers and utilising the system more widely in places such as supermarkets. The mobile payment system will be tested inhouse before it is offered to the public, Jagan said.