In recent years, the Fintech ecosystem has experienced exponential growth both globally and regionally. Costa Rica has been no exception: more and more startups and established companies are offering technology-driven financial services such as digital payments, microcredits, and e-wallets. This reality raises relevant legal questions and opportunities.
The absence of a comprehensive Fintech law—such as the one in Mexico, a regional pioneer—does not mean that the sector operates in a regulatory vacuum. On the contrary, digital financial services in Costa Rica are subject to various dispersed regulations that aim to ensure stability, transparency, and consumer protection.
Current Regulatory Framework
In Costa Rica, the legal framework applicable to Fintech is derived from several regulatory sources, including:
- General Superintendency of Financial Entities (SUGEF): Through Article 15 Bis of Law 7558 (2020 Reform), SUGEF supervises those who engage in financial intermediation or fundraising from the public, even if they are not traditional banks. This includes registration obligations and compliance requirements.
- Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations: Fintech companies that grant loans, manage client funds, or intermediate resources must comply with Know Your Customer (KYC) policies, reporting duties to the Financial Intelligence Unit (UIF), and internal compliance programs.
- Financial consumer protection rules: The Law on the Promotion of Competition and Effective Consumer Defense, together with the provisions of the National Consumer Commission, applies to contractual terms and consumer protection.
- Usury Law 9859: Introduced clear limits on interest rates that may be charged by financial and non-financial entities, including digital platforms that grant microcredits.
- Data Protection Law (Law on the Protection of Individuals with Respect to the Processing of Their Personal Data): A key pillar for the Costa Rican Fintech ecosystem, particularly because these platforms rely on the collection, processing, and large-scale analysis of financial and personal data.
In April 2022, the National Council for the Supervision of the Financial System (CONASSIF), with the support of the Central Bank of Costa Rica (BCCR) and the Inter-American Development Bank (IDB), inaugurated the Costa Rican Financial Innovation Center (CIF).
The CIF was created as part of the Fintech working group’s roadmap, bringing together the Central Bank, CONASSIF, and financial superintendencies. Its purpose is to provide a space for dialogue, consultation, and collaboration between financial innovators and regulators, facilitating compliance with the regulatory framework and promoting the development of technological financial products and services. Its role is non-binding: to clarify doubts, review proposals, and guide innovators while identifying the need to adapt regulations for new business models.
On July 9, 2024, congresswoman Monserrat Ruiz Guevara (PLN) introduced the Fintech Framework Bill. The bill aims to promote, regulate, and develop Fintech companies as a productive and commercial activity within Costa Rica, in order to stimulate the economy and diversify business models.
On April 29, 2025, the bill obtained unanimous approval from the Permanent Ordinary Committee on Economic Affairs.
Appropriate regulation is essential to protect consumers and ensure the stability of the financial system, but it must also be flexible enough to allow innovation and growth in this sector.
The rise of predatory “gota a gota” loans—informal lending that has been suffocating many families, undermining security, and fueling violence—is no secret. Fintech companies are enabling many of these people, previously excluded by the traditional financial system, to access credit, eliminating bureaucratic barriers such as excessive requirements and slow processes.
The development of the Fintech industry in Costa Rica can help strengthen and improve the efficiency of financial systems, protect consumers, expand access for marginalized sectors, and support broader and more inclusive economic growth.
The Costa Rican Fintech industry faces the challenge of growing within a fragmented regulatory framework. However, the trend points toward greater formalization and supervision aligned with international standards.
For ecosystem players, the key will be to understand existing rules, anticipate legislative changes, and consolidate business models that combine technological innovation with legal certainty.
Only then will sustainable development be achieved, strengthening financial inclusion and the country’s competitiveness.
The success of a Fintech is not measured only by the number of app downloads or the size of its loan portfolio, but by how many lives it transforms by granting access to those who were previously left on the margins of the system.
Author: Diego Elizondo
Do you need legal support for a fintech project in Costa Rica?
The GLC Legal team can help you evaluate the regulatory framework, design compliance programs, and structure your operations.
If you would like to learn more about this topic, as well as other corporate issues, please write to diego@glclegal.com.
