Nicaragua has been regulating the application of technological tools in financial activities since, and to the extent that the local market requires the implementation of advances that allow more efficient processes in conducting operations with money.
We understand the Fintech concept as everything related to technologies that allow financial innovation, resulting in products or tools that impact the provision of financial services.
Modern history
Speaking of the last 20 years, the General Banking Law of 2005 gave financial institutions the freedom to provide payment using credit and debit cards, money transfer services, exchange houses, remittances, etc.
In 2012, regulations from the Superintendence of Banks and other Financial Institutions (SIBOIF) sought to regulate and allow the appearance of new services such as mobile wallets, electronic money, and the creation of specific companies for these services. These procedures gave way to prepaid cards and payment through cell phones and other virtual means.
After several rounds of modifications starting in 2020, the SIBOIF…
