The number of bank depositors increased 11% compared with the first half of 2013 while the number of financial institutions´ depositors has grown 28%, which shows this sector to be more dynamic than banks. Mobile payment services have contributed to grow the Paraguayan financial market.
The first half of 2014 has proved to be extremely positive for the Paraguayan financial system: the number of depositors has increased by around 13% compared with the results of the first six months of 2013.
At the end of the first half of the year, the number of depositors in banks and financial institutions totaled 1,032,777 including legal entities and individuals.
Eighty-five percent of that number corresponds to banks while financial institutions have 15% of the market share.
The number of bank depositors increased 11% compared with the first half of 2013.
The number of financial institutions´ depositors has grown 28%, which shows this sector to be more dynamic than banks. However, their portfolio of clients is smaller: at the end of the first half of 2014 it totaled 151,985 including legal entities and individuals.
On the other hand, mobile companies providing non-bank wire transfers and payments through mobile phones are supervised by the Superintendency of Banks which oversees Electronic Media Payment Entities – EMPES – pursuant to Act N° 18 dated March 13, 2014 approving Resolution N° 6 issued by the Central Bank of Paraguay.
Mobile payment services facilitate the inclusion of more people into the financial system through remote management and minimum requirements and transactions over 40 minimum wages trigger the requirement to open a savings account, a step which can be done from a mobile phone without having to make the trip to the bank.
The regulation of mobile payment services aims to prevent money laundering or the financing of terrorism or the proliferation of weapons of mass destruction while contributing to grow the Paraguayan financial market.