Half a million Ecuadorians to use mobile money in 2015, bank reckons

8 Jan 2015

The Central Bank of Ecuador anticipates that during 2015 at least 500,000 people will join its Electronic Money System which it launched in late-December 2014, according to manager Mateo Villalba, quoted by TeleSemana. Users of the mobile money service are forecast to make transactions worth approximately USD12.5 million in the year based on an average of USD25 per account. In mid-February a wider range of transaction functions (such as paying, depositing, withdrawing, transferring etc) will be implemented for the bank’s virtual account users, while paying utility/tax bills will be enabled over the platform during the second half of the year.