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Ecuador Country Report

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  • Published Date: March 2018

A comprehensive overview of the cards, payments and consumer banking market in Ecuador.


  • The current market profile suggests significant opportunities for the development of the retail banking business, including the promotion of payment cards to the large unbanked adult population.
  • The deregulation of the Dinero Electronico (e-money) service launched in December 2014 means that there is a significant growth potential for mobile money in Ecuador.
  • Since July 2009 basic financial services fees have been regulated by the Superintendencia de Bancos y Seguros (SBS) to make banking services more accessible to the unbanked.
  • Maximum fees were imposed for 43 services, which together account for 80 per cent of the most common transactions.
  • Credit card outstandings accounted for a quarter of total consumer credit and 30 per cent of total non-mortgage credit at the end of 2017.
  • Since 2011, the number of debit cards in issue has more than doubled while the number of credit cards has remained relatively stable.
  • All consumer loan APRs and fees on issuance and renewal are regulated by the central bank and the Monetary and Financial Regulatory Board. In December 2017, the maximum annual APR for credit cards was 16.3 per cent.
  • State regulation of merchant service charges and card issuing/ renewal fees have led to a 19 per cent reduction in Ecuador's profitability per credit card between 2011 and 2017.
  • Since 2002, all banks are entitled to participate in the merchant acquiring market. Prior to this, Mastercard/PacifiCard was the only merchant acquirer in Ecuador.
  • In January 2017, SBS regulation SB-2016-143 came into effect. With this regulation, issuers must request authorisation from the SBS to issue new credit card products, among other measures.

Ecuador Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our credit card data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume


Verisk reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in Latin America. Analysts and researchers use both primary and secondary source data and conduct in-depth interviews with Latin American industry executives and experts.

See more Latin America Country Reports or explore the full range of payments research reports available for 72 markets.

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.