ECUADOR

On November 23, the Superintendency of Banks (SB) and the Alliance for Financial Inclusion (AFI) signed the Maya Declaration for Financial Inclusion. This global project, signed by the heads of both entities, proposes the inclusion of women in the Ecuadorian formal financial system, consumer protection and personal data protection, as well as conflict resolution mechanisms. In this regard, President Guillermo Lasso, who was present at the meeting for the signing of the declaration, said that this measure will promote the expansion of opportunities in the banking service, in order to “reduce gender gaps in access to credit and electronic payment systems”. The subscription to the text is in force and is expected to be applied for the next 5 years.

On the occasion, Ruth Arregui Solano, as head of the Superintendency of Banks, indicated that the commitment of the entity she presides will be oriented to the protection of financial consumers by strengthening the legal framework for the supervision of obligated parties and dispute resolution mechanisms, in order to “promote the financial wellbeing of the population”. It also highlights future work in relation to transparency measures in the financial banking system with the automation of financial indicators for the analysis and evaluation of financial stability, along with the strengthening of regulations and the Risk-Based Supervision Methodology.

The Maya Declaration was established in 2011 by AFI members together with representatives of central banks in Mexico. It proposes in terms of commitment for those who subscribe to it, the establishment of financial inclusion policies that promote a safe environment for cost-effective access to financial services, the implementation of innovative technology for this purpose and the reduction of the unit cost of financial services. It also aims to develop regulatory frameworks that contemplate financial stability and integrity objectives, the recognition of consumer protection as a “fundamental principle”, and support for access to financing for small and medium-sized enterprises as a stimulus to their innovation.