As of June, 883 correspondents in El Salvador were registered in El Salvador, with a total of $128 million in transactions.
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.
In 2016 entities in the banking system managed to increase their assets by 4% and their loan portfolios by 8% compared to 2015.
The annual report by the Superintendency of Banks in Panama includes the main results for the banking center and the banking system during 2016.
The report states that"...Credit to the private sector remains favorable in the retail banking segment and corporate credit in the interim construction segments.Trade credit has a lower growth rate due to reductions in the Colon Free Zone. "
Although profitability of the entities is adequate, Fitch Ratings is not ruling out pressure on performance because of increased spending on credit provisions and lower growth.
From a report by Fitch Ratings, III quarter of 2016:
Concentrated financial system has adequate profitability and capitalization in Regulatory situation in process of strengthening
In El Salvador, any business or individual can act as a financial intermediary with the support of a financial institution.
The regulation, which will take effect on August 1, enables banks to make agreements with third parties who can receive deposits from the public or lend money, up to certain limits, backed by a financial institution.
The model, which is already operating in countries like Colombia, seeks to expand the scope of financial services beyond bank branches.