Nicaragua

According to Kepios, 57% of Nicaraguans had access to the Internet at the end of 2020.

The model for retail payments adopted in Nicaragua does not have a specific requirement for interoperability, as it assumes that private initiatives should flourish first and then coordinate to become mutually compatible.

According to The Global Findex Database, 26% of Nicaraguan adults had bank accounts in 2021, leaving 74% unbanked. 

According to Statista, there were around 1.9 million digital payment users and 70,000 customers of personal financial services in Nicaragua.

In Nicaragua, almost 45% of the GDP rests on MSMEs (Micro, Small, and Medium Enterprises) being the pillar of the national economy; however, financing is difficult for them due to tough economic times where banks have increased interest rates that make it harder to get unsecured loans. Open Banking can create new opportunities as well as contribute to financial inclusion as new Fintechs offer wider product options.

According to Statista, the largest Fintech segment in Nicaragua is Digital Payments, with a total transaction value of US$3,695.00m in 2022.

In Wiley’s The Digital Skills Gap Index (DSGI) 2021, Nicaragua ranked 22nd in ease of hiring foreign labour and 23rd in the number of IT-related degree graduates.