The Central Bank of Paraguay has been selected as one of four finalists for the Nestor Espenilla Jr. Award for Innovation in Financial Inclusion at the Alliance for Financial Inclusion's Global Policy Forum 2025 in Swakopmund, Namibia. The recognition reflects Paraguay's progress in using payments policy and technology to broaden access to financial products and services, particularly for excluded populations. AFI highlighted several measures behind the nomination, including the 2025 National Payments System Law, the National QR Code Standard known as PY-QR, and the development of an interoperable QR hub that allows merchants and users to operate across multiple platforms. The central bank also pointed to regulation for Payment Initiation Service Providers, which opens new digital channels for the financial ecosystem. According to the release, these steps have supported the digitalization of payments by simplifying processes, improving security, lowering operating costs and increasing adoption among low-income users, small merchants and historically excluded sectors.
Central Bank of Paraguay2025-09-08
Central Bank of Paraguay named finalist for AFI financial inclusion innovation award
The Central Bank of Paraguay was named one of four finalists for the Alliance for Financial Inclusion's Nestor Espenilla Jr. Award for Innovation in Financial Inclusion. AFI highlighted Paraguay's 2025 payments law, PY-QR national standard, interoperable QR hub and rules for Payment Initiation Service Providers as measures expanding digital financial access.