Growth in Financial Correspondents Business

As of June, 883 correspondents in El Salvador were registered in El Salvador, with a total of $128 million in transactions.

Thursday, August 10, 2017

Most of the transactions reported by correspondents, which include shops, supermarkets, pharmacies, or natural persons, correspond to credit card and collector payments. These two types of transactions alone accounted for almost 70% of the transactions reported by correspondents up to November 2016.

The Superintendency of the Financial System (SSF) indicated that "... at the end of the first half of this year, 134 Salvadoran municipalities had financial correspondents, 41.1% more than in June 2014. Data from this entity shows that the departments of San Salvador and La Libertad make up the largest number of correspondents, with 275 and 130."

Elmundo.sv reports that "...San Miguel follows, with 88; Santa Ana with 67 and Usulután with 55. In Sonsonate, 50 financial correspondents were registered, while in La Unión and Ahuachapán there were 41 and 37, respectively.  In addition, SSF reported that Chalatenango and Morazán registered 29 correspondents each, and in La Paz 26 operated up until June, and another 24 did so in Cabañas. In Cuscatlán and San Vicente were 20 and 12, respectively."

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