In Ecuador, there are more than two million people who use credit cards, and the growth in the number of users in 2022 happened more on the side of women and young people.

Last year there were 55,517 new clients, and 51.5 percent were young people under 25 who accessed a credit card for the first time, according to data from a recent publication by the Association of Private Banks of Ecuador (Assobanca) and Avala Buró on ABC of credit cards.

The use of cash in the region is declining, while cards and other digital payments are growing

37.5% are between 26 and 45 years old, and 11% are over 46 years old.

While 50.3% of new clients entering the formal system via credit card are women.

New card holders by age Percentage
less than 21 years old 12.7
From 21 to 25 years old 38.8
From 26 to 35 years old 28.8
From 36 to 45 years 8.7
From 46 to 55 years 5.3
From 56 to 65 years 3.4
Over 65 years 23

There are a total of 2,006,887 people who use credit cards with a cutoff from 2022, 53% are men and 47% are women, but they are the ones who record a growth of 11.3% between 2021 and 2022, while men cardholders increased by a rate. rate of 7.1%. These data are very similar if the number of operations is taken into account. The average spending of men is 200 dollars, and women 182 dollars.

Most use more than one, which is why there are 3.8 million cards in circulation. Including businesses, there are 2,037,690 cardholders in the country who increased their spending levels by 25% during 2022. Thus, banks report $18,639 million in new credit approved through credit cards last year compared to $14,896 million registered in 2021.

That interest on external loans can continue to be deductible from income tax and exempt from ISD, conditions considered as incentives

In order to expand access to the use of credit cards, the executive president of Asobanco, Marco Rodríguez, indicates that the country must improve public policies that facilitate access to financing. Among those policies that distort the financial system in Ecuador are mentioned the upper limits of interest rates, which prevent them from adjusting to the risk of each client, and more recently to the conditions of the world market, which is why fewer people have access to credit.

“The local interest rate ceiling regulations are in conflict with the current international situation, which has increased the cost of financing for Ecuadorian banks and companies. Because of this, both situations are incompatible, which becomes a threat to the growth rate of credit and financial inclusion,” Asobanc states in his announcement.