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Ecuador’s Credit Card Activity Sees Sustained Growth in April 2024

QUITO, ECUADOR - The Ecuadorian banking system has continued to demonstrate resilience and growth, with the number of active credit cards increasing across various financial institutions in April 2024.

Bank Performance

According to data released by the Superintendency of Banks:

  • Banco Pichincha: reported a significant increase in its active credit card base, reaching 578,431 units in April. This represents a substantial growth of 12% compared to the same period last year.
  • Banco ProCredit: maintained a steady number of active credit cards at 3 units for the second consecutive month. Despite this relatively low figure, the bank has demonstrated consistent growth over the past two years, with its active card base increasing by 50%.
  • Banco Solidario: saw a decrease of 3.5% to 79,139 units.
  • Banco de Loja: registered an increase of 0.4% to 12,077 units.

The data suggests that Ecuador’s credit card market is experiencing sustained growth, driven by:

  • Increasing consumer confidence
  • A growing middle class
  • Macroeconomic stability
  • Low interest rates
  • Government efforts to promote financial inclusion

A spokesperson for the Superintendency of Banks noted: “While there are some fluctuations in the numbers, we remain optimistic about the future prospects of Ecuador’s credit card market. We will continue to monitor the trends and work with banks to ensure that they maintain high standards of financial stability and consumer protection.”

Impact on Economy

The growth in active credit cards is expected to have a positive impact on the country’s economy:

  • Increases consumer spending
  • Drives demand for goods and services
  • Highlights Ecuador’s increasing integration into the global economy, as more consumers turn to credit cards as a preferred payment method.

Conclusion

In conclusion, Ecuador’s credit card market has demonstrated resilience and growth in April 2024, with major banks reporting significant increases in their active credit card bases. As the country continues to navigate its economic development journey, the trend is likely to have a positive impact on consumer spending and overall economic activity.