Banco Central del Ecuador (BCE) has become the latest AFI member to join the growing community of AFI members making specific commits under the Maya Declaration.

BCE’s five Maya Declaration commitments are designed to both strengthen and broaden financial inclusion efforts, expanding the frontier of access to new population segments. Specifically, BCE pledged to have contributed to the following by 2015:

1. Increase of the participation of stakeholders – who belong to the popular and supportive financial sector- in the national economy, by placing points of payment of local financial structures connected to the National Payment System, in at least 200 cantons in the country, with coverage of approximately 90% of the country.

2. Advance new financial inclusion mechanisms, by integrating diverse transaction networks in the country, which allow increasing the number of transactions originated by means of the mobile telephone channel of the BCE.

3. Foster financial education that allows developing knowledge related to benefits, costs and risks of financial products and services, so that current and potential users may make informed decisions in order to improve their wellbeing.

4. Promote the expansion of financial services, by creating a grant fund that supports broadening the supply of financial products and services, as well as extending the coverage in geographical areas and demographic groups that are currently not included.

5. Expand remittance distribution channels, which will allow the inclusion of recipients, particularly in poor and rural areas, in the formal financial system by means of local financial entities.

In support of the above commitments, BCE also committed to issuing the required regulations to facilitate financial inclusion, including those applicable to mobile financial services.