Banks in Nicaragua

The banking system in Nicaragua includes eight banks listed in the register of the Superintendencia de Bancos y de Otras Instituciones Financieras (SIBOIF): AVANZ, Banco de América Central (BAC), Banco Atlántida Nicaragua, Banco Ficohsa Nicaragua, Banco de Fomento a la Producción (Banco Produzcamos), Banco de la Producción (BANPRO), Banco de Finanzas (BDF) and Banco LAFISE Bancentro. Banco Produzcamos has a distinct role as a state development bank. SIBOIF authorizes banks and supervises their prudential conduct, customer protection and transparency. The Banco Central de Nicaragua (BCN) manages monetary and cash matters and regulates and oversees payment systems. The Unidad de Análisis Financiero (UAF) applies the framework for money-laundering, terrorism-financing and proliferation-financing risks. A formal bank relationship normally begins with identity verification and customer due diligence. Requirements, minimum balances, fees and available services depend on the institution and product. Access may take place at a branch, ATM, corresponsal no bancario, point-of-sale or mobile point-of-sale terminal, electronic banking service or banking app. Banks offer current accounts, savings accounts and time deposits for individuals and companies. A current or sight account is mainly used for access to funds and payments; savings and time deposits may provide a return under the contract. The bank must provide the method used to calculate interest when the account opens. Account statements must be made available monthly, no later than 10 business days after the end of the relevant period. A Cuenta de Ahorro Simplificada (CAS) is a simplified savings account for individuals with a low-risk profile. A person may hold no more than one CAS per currency at the same bank. The account can be opened without a minimum balance, requires an identity document and does not require references. Its national-currency balance limit is C$100,000 and its foreign-currency limit is US$1,500. The bank may not charge a fee for failing to maintain a minimum balance or for inactivity, and it must provide a debit card, mobile wallet or similar payment instrument without charge. A CAS does not include an overdraft facility, and its interest follows the contract. Deposit protection is administered by the Fondo de Garantía de Depósitos de las Instituciones Financieras (FOGADE). Its current maximum coverage is US$12,000 per depositor and institution, combining all covered accounts and including principal and accrued interest. Coverage applies to savings, sight and time or fixed-term deposits in national or foreign currency. It does not cover other financial institutions, pension or securities institutions, the public sector or companies belonging to the same economic group. FOGADE currently lists BANPRO, LAFISE, BAC, BDF, Ficohsa, AVANZ and Banco Atlántida as members. Banco Produzcamos is not on that membership list, so deposit protection should not be assumed automatically for that bank. Nicaragua’s payment infrastructure includes SINPE, which the BCN operates as a systemically important payment system, as well as TEF, the clearing and settlement system, ACH settlement, cash-management services and a foreign-exchange module. UNIRED ACH supports real-time interbank transfers 24 hours a day, 7 days a week, including account-to-account payments, card or credit payments, prepaid payments and multiple-payment instructions. SIPA supports regional US-dollar transfers between Central America and the Dominican Republic; the receiving account is generally credited on the same business day after checks on the origin and funds. Banks have used IBAN for bank transactions since January 2025. Banks issue debit, credit and prepaid cards. In the first quarter of 2026, Nicaragua recorded about 3.8 million payment cards, including 2.9 million debit cards, 916,433 credit cards and 35,108 prepaid cards, alongside 34.2 million debit-card transactions. Electronic-money accounts and digital wallets are separate from ordinary bank deposits; digital money or a wallet is not automatically covered by FOGADE. Card payments in Nicaragua are processed in córdobas, even where the transaction refers to a foreign-currency amount. The BCN monitors the security, efficiency and resilience of payment systems and their operational, legal and systemic risks. Use only an official bank website, app or other verified channel. Never disclose passwords, card data or one-time passwords. If a card or account is compromised, request a block and file a complaint without delay. A bank complaint normally must be filed within 30 calendar days of the event. The bank generally has up to 30 days to respond, with an additional 15 days where an international dependency is involved. If the response is negative or absent, the customer can generally refer the matter to SIBOIF within the following 30 days. Card disputes follow a separate procedure with a one-month SIBOIF period. Keep the receipt, case number, account information and transaction evidence. Interest, fees, commissions and other charges must be stated clearly in the contract. A bank may not charge for a service that the customer did not order or that it did not provide. There is no single national price list for all accounts and services; the applicable amount depends on the bank and product. An account with no activity for three years receives an annual notice for two years. After five years without activity, the account stops earning interest, continues to receive annual notices and may later be liquidated or transferred to FOGADE under the applicable rules. No inactivity fee may be charged.