The Central Bank continues the process to make effective the transfer of electronic money
2 marzo 2018

The transfer of electronic money to the private sector continues just as established by the Central Bank of Ecuador so, until February 28th there will be time to complete the closure of the remaining accounts dependents of that institution. After that date it will not be possible to carry out charges, transfer of charges, salary payments in public institutions for those officials that willingly opted for a total or partial accreditation, or remittance charges.

The process will continue its course until the transfer is completed next April 16th. From then on it will start operating BIMO (mobile wallet) created by the Private Banks Association of Ecuador (Asociación de Bancos Privados del Ecuador- Asobanca).

In this way the implementation of the transfer of the electronic money is being implemented according to the Economic Reactivation Law (Ley de Reactivación Económica), passed last December 27th, 2017. The electronic money started to circulate on 2014 with the Organic Monetary and Financial Code (Codigo Organico Monetario) but it was not strong enough. Some sectors argued that the lack of confidence in the Central Bank of Ecuador was the key problem. That is why, now it will be the turn of the private banking to try to stimulate the electronics means of payment. The financial institutions will put, from then on, virtual wallet or similar platforms for the public to use.

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