JPRF-P-2025-0159 — Reforms to Title I “National Financial Inclusion Policy” and its Annex 1 “National Financial Inclusion Strategy (ENIF) 2023–2027”

Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador Resolution No. JPRF-P-2025-0159

THE FINANCIAL POLICY AND REGULATION BOARD

CONSIDERING:

That Article 82 of the Constitution enshrines the right to legal certainty, which is based on respect for the Constitution and the existence of prior, clear, public, and applied legal norms by competent authorities;

That numeral 1 of Article 85 of the Supreme Norm establishes that the formulation of public policies and the provision of goods and services shall be oriented towards making good living and all rights effective;

That Article 226 of the Magna Carta provides that State institutions, their agencies, dependencies, public servants, and persons acting by virtue of a state power shall exercise only the competencies and faculties attributed to them in the Constitution and the law;

That Article 227 of the Constitution determines that the Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, participation, and others;

That Article 303 of the Fundamental Law prescribes that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Function;

That Article 308 of the Constitution establishes that financial activities are a service of public order and, furthermore, the State will foster access to financial services and the democratization of credit. Collusive practices, compound interest (anatocism), and usury are prohibited.

That Article 5 of the Organic Monetary and Financial Code, Book I, stipulates that the formulation of policies and regulations in monetary, exchange, financial, insurance, and securities matters is the exclusive faculty of the Executive Function;

That Article 13 of the aforementioned Code created the Financial Policy and Regulation Board, part of the Executive Function, as a public law legal entity, responsible for the formulation of credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation;

That numerals 1 and 2 of Article 14 indicate that the Board has among its competencies the formulation of credit, financial, securities, insurance, and prepaid comprehensive health care service policies, including those that foster financial inclusion;

That Article 14.1 of the aforementioned Code prescribes that for the performance of its functions, the Financial Policy and Regulation Board must fulfill the following duties and exercise the following faculties, among which are: “(…) 10. Promote financial inclusion processes and the full exercise of financial users' rights; (…) 15. Establish, within the framework of its competencies, any measure that contributes to: (…) c. The creation of products oriented to promote and facilitate the financial inclusion of priority attention groups. d. Foster financial inclusion, promoting the participation of financial, securities, insurance, and prepaid comprehensive health care service entities. (…)”;

That General Provision Twenty-Ninth of the same legal body provides that in current legislation where mention is made of the “Monetary and Financial Policy and Regulation Board,” it shall be replaced by “Financial Policy and Regulation Board”;

That the Organic Law to Boost the Economy of Women Entrepreneurs in Ecuador, published in the Official Register Supplement No. 758 on March 10, 2025, establishes in its Fourth Transitory Provision that the Financial Policy and Regulation Board must update the National Financial Inclusion Policy and its National Financial Inclusion Strategy, “within a period not exceeding 180 days” from its publication in the Official Register;

Resolution No. JPRF-P-2025-0159 Page 2 of 6

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador |

That the Acting Technical Secretary of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2025-0046-M of June 13, 2025, submits to the President of the Board the Technical Report No. JPRF-CTIFSP-2025-0013 and the Legal Report No. JPRF-CJF-2025-027, both dated June 13, 2025, as well as the respective draft resolution;

That the Financial Policy and Regulation Board, in an extraordinary session held via technological means, convened on June 16, 2025, and carried out via video conference on June 18, 2025, reviewed the Memorandum No. JPRF-ST-2025-0046-M of June 13, 2025, issued by the Acting Technical Secretary of the Board; as well as Technical Report No. JPRF-CTIFSP-2025-0013 and Legal Report No. JPRF-CJF-2025-027, both dated June 13, 2025, issued by the Technical Coordination of Policy and Regulation of the Financial Inclusion and Prepaid Health Care System and by the Legal Coordination of Policy and Financial Norms, and the corresponding draft resolution;

That the Financial Policy and Regulation Board, in an extraordinary session held via technological means, convened on June 16, 2025, and carried out via video conference on June 18, 2025, reviewed and approved the following Resolution; and,

In exercise of its functions,

RESOLVES:

ARTICLE FIRST.- Incorporate a numeral 6 into Article 2 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“6. Promote financial inclusion to reduce gaps with a gender and social approach; in access, use, and quality of financial products and services, with emphasis on priority attention groups.”

ARTICLE SECOND.- Substitute Article 4 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 4.- Scope.- This policy is national. It is applicable to public and private entities, in credit, financial, securities, insurance, and prepaid health care service matters, according to their competencies.”

ARTICLE THIRD.- Substitute Article 5 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 5.- Inter-institutional Coordination Instance.- The National Financial Inclusion Coordination Committee (CONCIF) is created as the inter-institutional coordination instance of the National Financial Inclusion Policy, which will have the technical support of the Working Groups and the administrative support of its Executive Secretariat.”

ARTICLE FOURTH.- Substitute Article 6 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 6.- National Financial Inclusion Coordination Committee.- The National Financial Inclusion Coordination Committee shall have as its main objective to promote actions to foster financial inclusion, for which effect it will coordinate with public and private institutions and organisms, respecting their autonomy and competencies.”

ARTICLE FIFTH.- Substitute Article 7 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador |

“Article 7.- Composition of CONCIF.- CONCIF shall be composed of the following public entities within the scope of their autonomy and competencies through their highest authority or their delegate:

Members with voice and vote:

1. Financial Policy and Regulation Board, which shall preside and have a casting vote;
2. Monetary Policy and Regulation Board;
3. Superintendence of Banks;
4. Superintendence of Companies, Securities, and Insurance; and,
5. Superintendence of Popular and Solidarity Economy.

Members with voice:

1. Ministry of Economy and Finance;
2. Central Bank of Ecuador;
3. Ministry of Education;
4. Ministry of Economic and Social Inclusion;
5. Ministry of Telecommunications and Information Society;
6. Ministry of Production, Foreign Trade, Investments, and Fisheries.

The Presidency of the Financial Policy and Regulation Board may authorize other public entities to be part of CONCIF, with voice but without vote.

The Presidency of the Financial Policy and Regulation Board may invite, when deemed appropriate, representatives of associations and public or private institutions, guilds, national and international, that have a relationship with actions linked to financial inclusion in the country. Their participation shall be consultative and contribute to the design, implementation, monitoring, and evaluation of national policies in this matter.

ARTICLE SIXTH.- Substitute numerals 3, 4, and 5 of Article 8 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“3. Coordinate information exchange mechanisms that contribute to the fulfillment of this policy; 4. Motivate the conduct of studies in the field of financial inclusion; 5. Foster and strengthen the leadership of working groups in accordance with this policy”

ARTICLE SEVENTH.- Substitute Article 9 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 9.- Presidency of CONCIF.- The National Financial Inclusion Coordination Committee (CONCIF) shall be presided over by the highest authority of the Financial Policy and Regulation Board or their delegate.

The President shall have the following attributes and responsibilities:

1. Preside over the National Financial Inclusion Coordination Committee;
2. Act as counterpart and interlocutor between CONCIF members, Working Groups, natural and legal persons, and particularly those belonging to priority attention groups;
3. Convene institutions or organisms not contemplated in the inter-institutional coordination instance to form part of CONCIF sessions or working groups;
4. Convene, install, preside, direct, suspend, and close CONCIF sessions; and,
5. Require working group members to provide updates on the progress of compliance with the Strategic Guidelines Matrix.”

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador |

ARTICLE EIGHTH.- Substitute Article 10 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 10.- Executive Secretariat.- The Technical Directorate of Financial Inclusion of the Technical Secretariat of the Financial Policy and Regulation Board shall be in charge of the Executive Secretariat of CONCIF.

The Executive Secretariat will provide administrative support to CONCIF in the fulfillment of its functions, draft the session minutes, and maintain the corresponding files.”

ARTICLE NINTH.- Substitute Article 11 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 11.- Working Groups.- The working groups shall be composed of technical and specialized personnel from public and private actors related to financial inclusion.

Working groups aligned with intervention areas shall be formed. Additionally, extraordinary working groups may be formed, convened by the president or upon request of any of the members, to address financial inclusion issues.

The working groups must execute activities aimed at fulfilling the specific objectives of the strategic guidelines matrix of the national financial inclusion policy, as well as to formulate proposals that promote a legal framework in accordance with international best practices in the matter, respecting at all times the autonomy and competencies of the various regulatory and control bodies, for which they must establish work plans and compliance schedules.”

ARTICLE TENTH.- Delete Article 12 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.

ARTICLE ELEVENTH.- Reform Articles 13 and 14 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions to the following:

“Article 13.- Monitoring.- CONCIF shall review the reports of the working groups to verify the progressive execution of this Policy and its results, which shall be submitted to the Financial Policy and Regulation Board at least once a year or when the Board requires it.

Article 14.- Evaluation.- The Technical Secretariat shall carry out, at least once a year or when the Financial Policy and Regulation Board requires it, a systematic, integral, and objective assessment of the design, execution, effects, impacts, and recommendations of the implementation of this Policy, with the purpose of contributing to its continuous improvement. For this purpose, it will receive technical support from CONCIF and the instances it deems pertinent.”

ARTICLE TWELFTH.- Delete the text “CHAPTER I: STRATEGIES” contained immediately after Article 15 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.

ARTICLE THIRTEENTH.- Delete the text “SECTION: FINANCIAL INCLUSION STRATEGY (ENIF)” contained immediately after Article 16 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.

Resolution No. JPRF-P-2025-0159 Page 5 of 6

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador |

ARTICLE FOURTEENTH.- Substitute Article 17 of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, as follows:

“Article 17.- National Financial Inclusion Strategy (ENIF).- It is a management instrument that establishes the guidelines, directives, action plan, and activities to be followed in compliance with the national financial inclusion policy, which shall be approved by Resolution issued by the Financial Policy and Regulation Board.”

ARTICLE FIFTEENTH.- Renumber the articles of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.

ARTICLE SIXTEENTH.- In Annex 1 “National Financial Inclusion Strategy (ENIF) 2023 - 2027” of Title I “National Financial Inclusion Policy” of Book IV “Policies” of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, make the following reforms:

One.- Include in INTERVENTION AREA 3 “Financing for MSMEs and credit infrastructure” the following strategic objective and specific objective:

“Foster financial inclusion in women entrepreneurs and other priority groups.”

“Promote the financial inclusion of women entrepreneurs and other priority groups in the MSME sector.”

Two.- Include in INTERVENTION AREA 3 “Financing for MSMEs and credit infrastructure” the following strategic objective and specific objective:

“Foster financial education in women entrepreneurs and other priority groups”

“Propose and execute plans, programs, and continuous training projects directed at women entrepreneurs in all their diversity and native languages.”

Three.- Add to the text of point 2.1.3 of the ENIF the following:

“Foster financial inclusion in women entrepreneurs and other priority groups”

Four.- Add to the text of point 2.1.5 of the ENIF the following:

“Foster financial education in women entrepreneurs and other priority groups”

Five.- Reform the text of point 2.3 of the ENIF as follows:

“The implementation of actions defined around the intervention areas and their objectives will pay particular attention to resolving access, use, and quality problems of financial products and services for specific segments of the population that, according to the financial inclusion diagnosis of the World Bank, have been identified as priority groups. These include women, women entrepreneurs, low-income population, youth, persons in human mobility situations, persons with disabilities, older adults, rural population, as well as other communities, peoples, and nationalities - as segments that do not receive the benefits of financial inclusion. Thus, it is necessary to evaluate the current level of access and use by these populations, identify and resolve particular barriers that may be affecting their interaction with the financial system, and take specific measures to address this disproportionate level of lower access and use.”

Resolution No. JPRF-P-2025-0159 Page 6 of 6

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Financial Management Governmental Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador |

FINAL PROVISION.- This Resolution shall enter into force as of the present date, without prejudice to its publication in the Official Register, and shall be published on the institutional website of the Financial Policy and Regulation Board within a maximum term of two days from its issuance.

NOTIFY.- Given in the Metropolitan District of Quito, on June 18, 2025.

THE PRESIDENT, Mgs. María Paulina Vela Zambrano

The resolution above was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on June 18, 2025.- I CERTIFY.

TECHNICAL SECRETARY, Mgs. Luis Alfredo Olivares Murillo