This year, 66 companies that are not authorized to carry out financial activities were registered in the supervision of banks in Ecuador. There were a total of 120 on the list in 2022, and 37 in 2021.

In times of economic difficulties, people who resort to loans, but also invest in a justified desire to obtain profitability. Without adequate information, they become victims of those who offer high interest or ‘easy’ loans.

In this context, it is important that organizations like the Bank Supervisory Board share not only lists, but also, as part of financial education, teach citizens how to recognize entities that are not qualified for deposit or lending activities, some even with names similar to companies that have been on the market for years or that can be linked to political movements or parties such as Préstamos Creo 21, which is on the 2021 payroll.

In Peru, the governing body of the financial system has just warned of at least 20 mobile applications that offer informal loans. By downloading them, the user gives access to his data and mobile phone or computer, loans have high interest rates, and the user is threatened with attribution of facts that harm his honor or others in order to force them to pay, according to the video of the Bank and Insurance Supervisory Board of the neighboring country.

Local authorities must be wary of practices like these, which unfortunately take advantage of people’s need for action.

Citizens have information on the website of the Banking Supervisory Board of Ecuador that allows them to check the qualifications of banks and cooperatives to avoid risks. On October 31, the list of entities that are not authorized to perform financial activities in Ecuador was updated. At the same time, it is necessary to know the channels of investigation and justice in this sense, in case of fraud or improper business. Complaints must have results. (OR)