“It settles more than 5 million operations per month and more than $4,000 million, everyone knows it, it is the favorite of Salvadorans 24/7, 365 days a year and completely free,” said the president of the BCR, Douglas Rodríguez.
According to official data, in the last four years $74,261.01 million were transferred through 81,474,399 operations through Transfer365. A relevant aspect is female participation: 47.7% of transactions were executed by women, which reflects advances in financial inclusion and the use of digital platforms.
The official also noted that Tranfer365’s settlement time has been improved to strengthen the reliability of Salvadorans on the platform. “Now when you send a transfer, you are also sent a message or email that informs who sent it, the amount and who receives it.”
In addition, the entire operation is reflected in the online banking account statements of the country’s banks that are allies of the platform, according to Rodríguez.
The survey, which was carried out on people aged 18 years and older, from urban and rural areas in the 14 departments of the country and reached a representative sample of 10,776 households, revealed that 40.6% of users have made at least one interbank transfer in the last 12 months and 86.6% received money through digital banking platforms.
Of these, 80.2% used the BCR’s “star product” and the reasons for its use include 71.8% for being available 27 hours a day, 7 days a week, 66.3% for being a free service, 59.9% for immediacy and 46.8% for being available on holidays, holidays and vacation periods.
According to the latest available data, 26 institutions offer the service, including private banks, cooperative banks, savings and loan societies, state banks, a federation and the Ministry of Finance, which has strengthened its reach and adoption on a national scale.
On the other hand, Rodríguez pointed out that El Salvador has become the only country in Latin America to modernize check clearing and went from three business days for clearing foreign checks in custody to one business day and now four hours or less to carry out this operation.
While, as part of the efforts to expand financial inclusion, the BCR managed to include the subject Economy and Finance in high school by 2026, through coordinated work with the Education authorities, so that young Salvadorans can learn basic concepts of financial education.
The state bank also multiplies its reach with Salvadoran youth on this issue with the My Financial Journey initiative bus that has managed to visit more than 180 educational centers and has introduced more than 46,000 young people to financial education.
Related
#Guatemala #Interoceanic #Corridor #launches #tokenization #Salvador