There are more than two million people who use credit cards in Ecuador and the growth of users in 2022 occurred more on the side of women and young people.
Last year there were 55,517 new clients and 51.5% of them are young people under 25 years of age who accessed a credit card for the first time, according to data from the recent publication of the Association of Private Banks of Ecuador (Asobanca ) and Aval Buró on the ABC of credit cards.
Cash use falls in the region, while cards and other digital payments gain ground
37.5% have ages ranging from 26 to 45 years and 11% are over 46 years of age.
While 50.3% of the new clients that enter the formal system through a credit card are women.
| New cardholders by age | Percentage |
|---|---|
| less than 21 years | 12,7 |
| From 21 to 25 years | 38,8 |
| From 26 to 35 years | 28,8 |
| From 36 to 45 years | 8,7 |
| From 46 to 55 years | 5,3 |
| From 56 to 65 years | 3,4 |
| Over 65 years | 2,3 |
In total there are 2,006,887 people who use credit cards with a cutoff of 2022, 53% are men and 47% are women, but they are the ones who register a growth of 11.3% between 2021 and 2022, while the male cardholders grew at a rate of 7.1%. These data are very similar if the number of operations is taken into account. The average consumption of men is $200 and that of women, $182.
Most use more than one and that is why there are 3.8 million cards in circulation. Including companies, there are 2,037,690 cardholders in the country who increased their level of consumption by 25% during 2022. Thus, banks report $18,639 million in new credits granted through credit cards last year compared to to the $14,896 million registered in 2021.
That the interests of external credits continue to be deductible from income tax and exempt from ISD, the conditions that are reviewed as incentives
To expand access to the use of credit cards, the executive president of Asobanca, Marco Rodríguez, indicates that the country needs to improve public policies that facilitate access to financing. Among those policies that distort the financial system in Ecuador, interest rate ceilings are mentioned, which prevent them from adjusting to the risk of each client, and more recently to world market conditions, causing fewer people to access credit.
“Local interest rate ceiling regulations clash with the current international situation, which has raised financing costs for Ecuadorian banks and companies. For this reason, both situations are incompatible, which becomes a threat to the growth rate of credit and financial inclusion ”, Asobanca refers to in his publication. (YO)