Region: Latin America
Type of Client: Central Bank
Year: October 2016 — Present
Ecuador is a country situated in western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru and the official language is Castilian Spanish. The population is 16,868,909. Ecuador’s high poverty and income inequality most affect indigenous, mixed race, and rural populations. The government has increased its social spending to ameliorate these problems. The conditional cash transfer program, which requires participants’ children to attend school and have medical check-ups, has helped improve educational attainment and healthcare among poor children. The literacy rate is 94.35%. GDP was 103.06 billion USD in 2017.
Based on Ecuadorian market reality, the Central Bank’s objective was to support the implementation of a tool that contributes to financial inclusion, economic and financial stability of the country. This was set to be achieved via managing system interoperability. The Amarante team provided technical assistance and recommendations in the design, implementation and user activation of the new Electronic Money System (SDE) model.
Project/Services We Provided
The Central Bank’s objective was to support the implementation of a tool that contributes to financial inclusion, economic and financial stability of the country. This is set to be achieved via managing system interoperability. Technical assistance was provided in relation to the design of the new SDE model, in terms of: (i) interaction and integration between the system and banks / Financial Institutions; (ii) the development and management of the Agents and Macro-Agents network; And (iii) the legal framework. We also evaluated the functional capacity of the platform and the changes required to implement the new model and the activities identified to enhance the use of the platform.