Banco de Guayaquil launches card-only account to target lower-income sector

Thursday, September 8, 2011

Ecuador's second largest private bank, Banco de Guayaquil, has launched a basic banking account targeting unbanked sectors of the population.

The account, called Cuenta Amiga, is based on a debit card that can be easily obtained in any of Guayaquil's branches. It allows customers to make basic banking transactions, as well as send and receive international payments.

This type of account was made possible following the reform of Ecuador's banking laws in 2010. Prior to the reform, banks could only offer standards current and savings accounts to retail clients.

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