Monday, June 1, 2015

The New Financial Architecture and the Public Mobile Money System in Ecuador

Research results from IMTFI Researcher Javier Félix

Current Ecuadorian President Rafael Correa’s broader political program called the “Citizens’ Revolution,” has prompted a restructuring process of its domestic financial architecture through a combination of legal reforms, new public policies, and the transformation of the national payments system. As part of this endeavor, a new mobile money system is being introduced to diversify the available forms of payment.The mobile money system will be executed and administered by the Central Bank of Ecuador (BCE), making it the first ever publicly mandated and Central Bank-administrated mobile payments scheme to be implemented in the world. 

To learn more, read Javier Félix's Executive Summary and White Paper (in Spanish).

The Structure of the Mobile Money System (Source: Central Bank of Ecuador, 2014)

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