The Federation of Credit Unions and Workers' Banks is to open 200 points of service in shops, pharmacies, and other retail areas.
With an investment of $5 million in technology, Fedecrédito next month will open 70 'Fede Punto Vecinos' (Fede Point Neighbors), out of a total of 200 non-banking correspondents which it plans to have by late 2013.
The aim of the Federation of Credit Unions and Workers' Banks (Fedecrédito) is to set up these Non-Banking Correspondents (CNB's by their initials in Spanish) in convenience stores, shops, pharmacies, hardware stores and other places where people can conduct transactions such as withdrawing money, collecting remittances and making loan payments, said Macario Armando Rosales, president of Fedecrédito.
Fedecrédito joins Wells Fargo in order to capture a greater market share of remittances between the U.S. and the Central American nation.
"We believe that our Salvadoran population living abroad, will appreciate having adequate access to services, enabling them to send money home quickly and safely, with a network of branches with a presence nationwide", said Macario Armando Rosales Rosa , president of Fedecrédito.
The program seeks to provide financial resources coming from the MIB for small and medium sized businesses in order to help them to overcome problems cause by the international financial crisis and to contribute to the development of the sector.
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