Promoting Inclusive Markets and Financial Systems
The Advance of Mobile Banking in Ecuador: Leveraging shared, industry-wide infrastructure for rural financial inclusion
World Region: Latin America & The Caribbean
Summary
Since early 2012, Red Financiera Rural (RFR) has been leading a mobile banking initiative that is providing 382,220 rural Ecuadorians with greater access to financial services and products. This initiative brings transactional kiosks to remote communities and deploys loan officers to visit rural areas with digital devices, all powered by a secure, cloud-based digital infrastructure. As a result, rural Ecuadorians can easily make payments, receive loans, and deposit savings regardless of geography. It is clear that the expansion of mobile banking services has significant potential to enhance financial inclusion in Ecuador.
This article is the third in a series developed by SEEP with support from Citi Microfinance titled Spotlight on Financial Inclusion Leaders. The series profiles selected microfinance associations, showcasing the ways in which they are supporting their members and meeting the challenges of value-added growth in financial inclusion. These associations are leaders in implementing innovative and locally-responsive approaches to financial inclusion. Their work is having a clear and measured impact on the lives of their clients, and their experiences bring valuable new knowledge to the industry at large.
EXPLORE ALL ARTICLES IN THE SERIES:
- Summary – Microfinance Associations: Roles and new leadership opportunities
- I – Expanding Islamic Microfinance in Azerbaijan: The case for industry coordination to serve new client segments
- II (English) – Expanding E-Money Services in Peru: Reaching unbanked clients and advancing financial inclusion
- II (Español) – Expansión de los servicios de dinero electrónico en Perú: Alcance de clientes sin acceso a servicios bancarios y avance de la inclusión financiera
- III (English) – The Advance of Mobile Banking in Ecuador: Leveraging shared, industry-wide infrastructure for rural financial inclusion
- III (Español) – La banca móvil para la inclusión financiera en las áreas rurales de Ecuador: Utilizando una infraestructura compartida y la banca móvil para toda la industria
- IV – Inclusive Finance for Low Cost Private Schools in Pakistan: Serving a new client segment with sector-specific strategies