Through Resolution No. 3, Act No. 44 dated September 16, 2024 (the “Resolution”), the Central Bank of Paraguay (“BCP“) has approved the "MIPYMES Basic Account Regulation," with the aim of promoting financial inclusion for micro, small, and medium-sized enterprises (MIPYMES).
Objective: To facilitate MIPYMES' access to certain finance services.
Key Aspects:
- MSMEs’ Basic Account (the “Basic Account”): This is a savings account in local currency that does not require a minimum opening amount or a minimum average maintenance balance.
- Requirements for opening the Basic Account: (i) Holding a valid MSME Identification Card; and (ii) not having other deposit accounts (savings or checking), except for basic personal savings accounts.
- Permitted Transactions: Includes deposits, debit card purchases, and service payments with no additional costs. Customers can make unlimited transactions through SIPAP, subject to applicable legal limits.
- Limits: Monthly credits are capped at a maximum of 20 minimum wages, and the account has a validity of up to one year. Withdrawals are limited to six per month at no charge.
- Deposit Protection: Funds in these accounts will be guaranteed by the Deposit Guarantee Fund.
- Security and Transparency: Financial institutions must apply anti-money laundering/combating the financing of terrorism (AML/CFT) protocols, ensuring compliance with SEPRELAD regulations.
The regulation will come into effect after its publication, and financial institutions must ensure its proper implementation and dissemination.
