The Authority for Consumer Protection and Competition (Acodeco) and the Ministry of Trade and Industry (MICI) of Panama have begun a coordination process to unify criteria for the operation of financial companies in the country. In 2025, Acodeco imposed sanctions totaling B/.35,000.00 on various financial companies that violated Law 24 on consumer credit history. Ramón Abadi Balid, administrator of Acodeco, along with the national director of Consumer Protection, held a meeting with executives from the General Directorate of Financial Companies of the MICI to address the sector's challenges. The central axis of the meeting was the standardization of operational criteria for both traditional financial companies and so-called fintechs. According to data provided by the Acodeco Research Department, sanctions were applied in the first instance to 11 financial companies between January and December 2025. The institution emphasized that it will maintain a firm stance against improper practices that violate the rights of users, working hand in hand with the MICI to ensure that the technological evolution of financial services does not compromise the legal and economic security of citizens. Acodeco has also issued a series of recommendations for consumers using these digital services, which are characterized by using technology to offer fast financial services through mobile applications and online platforms. The public is urged to inform themselves properly before any contracting, verify that providers have legal registration with the competent authorities, analyze the contract terms in detail, and report any anomalies directly to the MICI. Sector supervision has yielded concrete results in the latest period. The total amount of these fines amounted to B/.35,000.00, mainly due to violations of Law 24, which regulates the credit history of Panamanian consumers. With these actions, Acodeco reaffirms its role as a guarantor of consumer protection and market transparency.
