Electronic money still under analysis

Negotiations to transfer the administration of the electronic money system to private banks are advancing at a good pace. Authorities and bankers discuss the issue of tariffs, the technical implementation of the system and reforms to the Organic Monetary and Financial Code.

According to President of the Association of Private Banks of Ecuador (Asobanca) Julio Jose Prado, the first step is to modify elements of the Code to establish new guidelines where electronic money is managed by private institutions (banks and cooperatives) and the regulation by the Central Bank of Ecuador. In this regard, manager of the Central Bank Verónica Artola said that aspects of the standard are being analyzed.

The Government intends to reduce the use of cash through mass electronic means of payment. The electronic money has been operational since 2015 and is in charge of the Central Bank of Ecuador. To date, are more than 300,000 accounts have been opened.

The installation of the electronic money system in banks and cooperatives, Artola said, will take about six months. (I)