Within weeks, Guatemalans will be able to perform banking transactions using only their cell phones.

If the review of regulations by the Association of Banks is fruitful, the regulations will then be sent to the Monetary Board at the Bank of Guatemala, for approval and validity.

In an article in prensalibre.com, Superintendent Victor Mancilla said: ‘This regulation will ensure that most of the population will have more banking services via telephone.’"

The initiative contains regulations relating to the relationship between banking, telecommunications and the provision of technology to users.

In addition, the regulation addresses the actions of money laundering and tracing transactions via phones. "

Source: prensalibre.com

More on this topic

Mobile Banking Growing in Central America

March 2012

To date, about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica offer the service; there is still much ground to cover in the region.

The director of Technology at the company Ebclosión, Derick Brol, indicates that in Central America in 2011 there were mobile phone banking services in about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica.

Guatemala: Mobile Banking Regulations

October 2011

The regulations for the Provision of Mobile Financial Services will become effective on November 1

Banking operations conducted through mobile phones must adhere to the provisions of regulation JM-120-2011, recently published by the Superintendency of Banks in Guatemala.

Guatemala: Bill to Regulate Mobile Banking

June 2011

The superintendency of banks has presented a draft regulation for mobile banking for approval by the monetary board.

The project, among other things, requires banking institutions to submit an operational model within ten days following the adoption of the new rules, and send all information related to the operation of a mobile banking to the superintendency of banks .

IFC Invests in Mobile Banking Development in LA

October 2010

IFC made a $ 3 million investment and an additional $ 2 million for YellowPepper company in Panama.

The investment will support expansion of mobile banking and access to financial services in Latin America. This is the first capital of the International Finance Corporation (IFC, in English), in a mobile banking firm in Latin America and brings the total investment in YellowPepper to over U.S $ 15 million.