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.
The Federation of Credit Unions in El Salvador hsa signed a $20 million loan with the IDB for the construction and renovation of municipal markets.
Macario Armando Rosales, president of Fedecrédito said that funds from the Inter-American Development Bank will be directed to the municipalities through long-term loans.
The program aims to improve the conditions under which products and services are sold for large number of micro and small entrepreneurs.