QUITO, Ecuador – For the growing community of expatriates calling Ecuador home, navigating the local financial landscape can be a complex endeavor. A crucial aspect of this is ensuring the security and stability of your chosen financial institutions, particularly credit unions, which often play a significant role in local banking. Fortunately, the Superintendency of Popular and Solidarity Economy (SEPS) provides a valuable online resource that every expat should be aware of: a public database of risk ratings for financial entities.

This resource offers a quick and effective way to assess a credit union’s financial standing and operational health. The «Calificación de Riesgo de entidades SFPS» (Risk Rating of SFPS entities) section on the official SEPS website contains comprehensive information on risk ratings issued by authorized rating agencies for various financial entities, including those within the popular and solidarity economy sector, which encompass credit unions.

Why is this important for expats?

* Informed Decision-Making: Before entracing your savings or investments with any credit union, checking its risk rating allows you to make an informed decision based on an independent assessment of its financial strength and stability.

* Mitigating Risk: A higher rating generally indicates a lower risk of financial instability, providing peace of mind for your hard-earned money.

* Transparency: The SEPS platform promotes transparency in the financial sector, empowering consumers with vital information.

How to check a credit union’s rating:

Expats can easily access this crucial information by visiting the official SEPS website. Navigate to the «Calificación de Riesgo» section, which directly translates to «Risk Rating.» The direct link for this essential tool is:

Calificación de Riesgo de entidades SFPS

To download the PDF click on the «DE CLIC AQUI» button as pictured below:

Within this section, you will find information regarding the risk ratings granted by authorized agencies for a specific period. The platform currently provides data for 59 entities, offering a broad overview of the sector. While the term «credit union» may not be explicitly used, look for entities categorized under the «popular and solidarity economy» as these are typically the relevant institutions.

By utilizing this valuable resource, expats in Ecuador can confidently choose financial partners and ensure their financial well-being in their new home. Always remember to prioritize due diligence when managing your finances abroad, and the SEPS risk rating tool is an indispensable part of that process.