Through the agreement, it is planned to implement actions that expand access to financial services.
In order to close economic and social gaps, and expand the coverage of financial system services, the Superintendency of Banks and the Alliance for Financial Inclusion (AFI) signed the Maya Declaration for Financial Inclusion . The official act took place on the night of November 22, at the Carondelet Palace, in Quito, and had the President of the Republic, Guillermo Lasso, as a witness of honor.
The event was attended by several representatives of the Superintendencies of Banks of Latin America and the Caribbean; as well as presidents of Central Banks of the Region, informed the General Secretariat of Communication of the Presidency.
The Maya Declaration includes the incorporation of women into the formal financial system, consumer protection with fair and transparent treatment, data protection, and conflict resolution mechanisms.
Ecuador, headquarters of the regional training on Resilient and Inclusive Corporate Governance with a gender perspective
Lasso gave a speech in which he stressed that one of the government’s claims is that more people have access to financial services, “which have generally been on the fringes of the low-income population,” he said.
“Financial inclusion is very useful to create more opportunities for thousands of people who could obtain a loan, start a business, create jobs and have better control of their personal finances. In short, improve their quality of life and guide us towards meeting the Sustainable Development Goals (SDGs), especially for women, young people and the elderly. We are going to reduce gender gaps in access to credit; in electronic payment systems; We will promote a modern, competitive and democratic economy, ”the president stressed, noting that the country’s Superintendency of Banks currently holds the vice-presidency of the Financial Inclusion Initiative for Latin America and the Caribbean (FILAC).
He cited data from international studies that reveal the existing gaps. In Ecuador, 50.9% of the population has access to an account at a financial institution; Likewise, 28.4% of the country has a debit card, when the average in Latin America and the Caribbean is 41.5%, according to the latest measurement by the World Bank’s Global Findex.
According to private banks, there was a growth in microcredit between January and October 2021
Following Lasso, Ruth Arregui, head of the Superintendency, took the floor and expressed the commitment that, for the next five years, the institution will focus its work on financial inclusion, stability, comprehensiveness and consumer protection. The efforts require the participation of the private sector.
During the signing of the Declaration, the executive director of the AFI, Alfred Hanning, confirmed the institution’s support for the actions promoted by Ecuador to promote inclusive development and alleviate poverty.
On June 9, Ruth Arregui was appointed vice president of FILAC. It is the first time the country has held this position in the regional body, which is made up of 89 member countries and 101 institutions, such as central banks and regulatory entities. (I)
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