Paraguay Fintech Growth Tracks Formal Economy’s Expansion

Paraguay’s fintech sector is expanding alongside efforts to bring more workers and businesses into the formal economy. Mobile wallets, instant transfers and QR payments give underserved consumers and small merchants access to lower-cost financial services while creating transaction records that can support credit assessments and formalization. Account ownership has reached 61% of adults, according to Global Findex 2025, underscoring how digital finance is widening participation beyond traditional bank channels.

The regulatory shift accelerated on June 27, 2025, when Paraguay enacted Law 7503 governing the National Payment System and formally admitted non-bank payment providers and fintechs to its infrastructure. On Aug. 27, the Banco Central del Paraguay authorized fintechs to act as payment-initiation providers on the Instant Payment System, or SPI. The network processed nearly 28 million transactions in June 2025; transaction value exceeded 82 trillion guaraníes ($10.6 billion) in 2024, six times the level two years earlier.