Nicaragua: fintech & payments regulation

Who regulates

• Superintendencia de Bancos y de Otras Instituciones Financieras (SIBOIF)

  Primary supervisor for banks, non-bank financial institutions, and specific fintech-adjacent entities like factoring and leasing.

  ^{[1][2][3][4][5][6][7][8][9][10][11][12]}

Core laws & rules

• Norm on Authorization and Regulation of Factoring Entities (2025)

  Establishes regulatory provisions for non-bank factoring entities, including licensing procedures and operational requirements.

  ^[5]

• Norm on Authorization and Regulation of Financial Leasing Entities (2025)

  Regulates financial leasing entities with strict governance standards and capital requirements.

  ^[6]

• Norm on Authorization and Regulation of Non-Bank Providers of Fiduciary Services (2025)

  Sets authorization, capital, and operational requirements for non-bank fiduciary service providers.

  ^[7]

• Derogation of Electronic Money Regulations (2020)

  Formally repealed previous regulations governing electronic money operations by financial institutions and electronic money entities.

  ^[9]

Licensing & registration

• Factoring Entities

  Requires authorization from SIBOIF for constitution and commencement of operations. Capital: C$20 million

  ^[5]

• Financial Leasing Entities

  Requires structured approval process and adherence to governance standards. Capital: C$20 million

  ^[6]

• Non-Bank Fiduciary Services

  Requires strict authorization and operational compliance. Capital: C$5,500,000

  ^[7]

• Savings and Credit Cooperatives (CACs)

  CACs with total assets of at least C$100 million must obtain full regulatory approval. Timeline: Extended deadline for registration applications granted in 2026.

  ^[1][2]

Restrictions & warnings

• No specific licensing regime exists for Virtual Asset Service Providers (VASPs) or crypto-exchanges. The previous framework for electronic money was repealed in 2020, creating a regulatory gap for digital payment and virtual asset activities.

  ^[9]

Direction of travel

• Regulatory focus is currently on expanding the supervision of non-bank financial institutions (factoring, leasing, fiduciary) rather than establishing a dedicated fintech or crypto framework. The repeal of electronic money rules suggests a cautious or inactive stance on digital currency regulation.

  ^[9][5][6][7]

Sources

1. Authorization of Additional Deadline for Submission of Registration Application by Savings and Credit Cooperatives in Operation with Total Assets Equal to or Greater Than C$100 Million · 2026-05-20
2. Norm for the Authorization and Regulation of Savings and Credit Cooperatives · 2025-10-14
3. Regulatory Provisions on Publications for Persons Interested in Registering in the Register of Appraisers in Charge of the Superintendency (REPEV) · 2025-08-20
4. Regulatory Provisions for Factoring Entities · 2025-06-26
5. Norm on Authorization and Regulation of Factoring Entities · 2025-06-04
6. Norm on Authorization and Regulation of Financial Leasing Entities · 2025-06-04
7. Norm on Authorization and Regulation of Non-Bank Providers of Fiduciary Services · 2025-06-04
8. Norm for the Revocation of Authorization to Operate as a General Warehouse for Deposit · 2021-07-20
9. Derogation of the Norm Regulating Electronic Money Operations by Financial Institutions and the Norm for Authorization and Operation of Entities Operating with Electronic Money · 2020-10-06
10. Norm for the Voluntary Transfer of Financial Institution to Microfinance Institution · 2020-03-31
11. Norm Reforming Article 15 of the Norm on Requirements for the Establishment of Banks, Financial Companies, Branches of Foreign Banks, and Representation Offices · 2020-01-14
12. Norm Reforming Articles 1 and 42 of the Standard for Credit Card Operations · 2019-11-21