Considering the lack of access to financial services affecting –in 2014- 40% of the Ecuadorian Economically Active Population (“EAP”), the Mobile Money System of the Central Bank of Ecuador seeks to guarantee that all citizens and residents of the country, regardless of their social situation, can open a mobile money account and associate it to a mobile line, thus benefiting from the cellular phones penetration, which reaches 100% of the population.
Through this Mobile Money System, all citizens and residents shall be offered benefits such as:
- Reduction of transaction expenses
- Access to Financial Offers.
- More safety for their transactions.
- Access to government networks.
- More information and transparency
Using USSD, mobile application and web as main channels, the following use cases were implemented:
- Cash in / Cash out.
- P2P, B2P and G2P money transfers.
- Payment of services and bills.
- Collection management.
- Balance and operations enquiries.
- Among others.
With the successful implementation of the project, IN Switch added a new success case to its history in the mobile money universe, by developing, together with the Central Bank of Ecuador, an open ecosystem that guarantees interoperability of network operators and financial institutions.
This made IN Switch the first and only company in the region to develop and implement a project with such characteristics, which will be certainly regarded in the future as a study case and a reference for anyone desiring to replicate an experience of similar characteristics.
1. December 2013 – Tender Adjudication
2. February 2014 – Agreement Execution
3. December 2014 – Pilot Plan Launch
4. February 2015 – Commercial Launch