Monetary Code Reform Proposes Inclusion Credit Rates For Borrowers Without History
A Monetary Code reform under review in the National Assembly proposes a special interest-rate regime for borrowers without credit history or risk-bureau records.
Proposed Regime
The measure would apply to natural or legal persons without credit history or who do not appear in central risk records.
The Financial and Monetary Policy Board would establish the special regime. Borrowers accessing inclusion-rate loans could do so for up to 36 months under the project's second general provision.
The issue was reviewed on Wednesday, July 15, in the Economic Regime Commission as part of the second-debate report process.
Fintech Position
Joaquín Dávalos Ponce, CEO of PayJoy in Ecuador and Panama, said the reform could help expand formal finance access.
He cited World Bank data indicating that in Ecuador only two of every ten economically active Ecuadorians have access to formal credit.
What To Watch
Watch whether the Assembly keeps the 36-month limit, how the board sets the rate ceiling, and whether consumer-protection requirements are paired with higher-risk borrower access. The operating question is whether the regime becomes a real credit-expansion channel or a narrow product category.
Source
El Universo — “Tasa de interés preferencial para personas sin historial crediticio se propone en reforma al Código Monetario”
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