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Bolivia

Institutions providing microfinance services in Bolivia include commercial banks (notably BancoSol), private financial funds (FFPs), cooperatives, mutual savings and loan societies, and NGOs. All financial organizations, including financial NGOs, are regulated by the Authority of Supervision of the Financial System (ASFI), though in practice NGOs are not as closely supervised. The Central Bank of Bolivia is responsible for issuing norms regarding the financial system as a whole.  Several commercial banks, such as BancoSol, Banco Los Andes ProCredit, and Banco FIE, play an active role in microfinance.

mix-market

Regulators

Microfinance & Banking

Consumer Protection

Bolivia lacks a framework for financial consumer protection. The provisions of the Supreme Decree No. 29519 of 2008, which regulates competition and consumer protection, are not easily applicable to financial services and products. The Law No. 1488 of 1993 on Banks and Financial Entities  of 1993 (as amended through 2008) has no provisions specific to consumer protection. While consumer protection does not seem to be a priority for the financial sector supervisor, the Supervisory Authority of the Financial System (ASFI) has introduced disclosure standards for MFIs, including the obligation to disclose terms and conditions in loan agreements, in particular with regard to interest rates, charges and fees.