More Banking Correspondents in El Salvador

The Federation of Credit Unions and Workers' Banks is to open 200 points of service in shops, pharmacies, and other retail areas.

Tuesday, July 16, 2013

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.

According to the official, the new projects are part of the expansion plans of the Fedecrédito System. "For next year, the institution expects to open another 200 Fedel Point Neighbors, which will add to the 307 points of service it already has across the country, including 126 ATMs," noted an article in Elsalvador.com.



More on this topic

$200 million Available for SMEs

May 2012

Fedecrédito is looking to grant $236 million more in 2012 than last year in order to expand its credit supply in El Salvador.

Fedecrédito system, focusing on the sector of micro and small businesses, aims to grant $236 million in loans in 2012, bringing its portfolio to $1,031 million.

Alliance to Capture Remittances to El Salvador

February 2012

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.

Fedecrédito to Finance Construction of Municipal Markets

July 2011

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.

El Salvador: $30 Million for Fedecrédito

June 2010

The International Financial Corporation, part of the World Bank, will loan $30 million to Fedecrédito, for it to extend its loans to micro companies.

Armando Rosales, president of Fedecredito, explained that the collateral of these loans will be the flow of remittances sent by Salvadorans living abroad.