The Central Reserve Bank of El Salvador (BCR) has reinforced its status as a leader in Central America through significant advancements in technology and financial inclusion initiatives, underlining its commitment to the economic betterment of Salvadorans. For the second consecutive year, the institution has been recognized as the region’s premier central bank, an accolade that underscores its ongoing efforts to implement high-impact projects aimed at fostering inclusive growth and systemic modernization.
In 2024, the BCR achieved remarkable milestones, including the noteworthy execution of the VI Population Census and VII Housing Census, which marked a historic first for the nation. This ambitious project was entirely conducted through digital platforms, leveraging state-of-the-art technology to ensure more accurate data collection. The results of this census were disseminated within a record time frame of four months, significantly aiding policymakers in crafting responsive public policies that reflect the evolving demographics of the country. Such data provides crucial insights, enabling a better understanding of the population’s needs and helping shape future governmental strategies.
Central to the BCR’s mandate is the promotion of financial inclusion, a focus that culminated in the launch of the “Mi Viaje Financiero” initiative. This project, designed to enhance the financial literacy of youth, specifically targets students aged 13 to 18 in public schools across all 14 departments of El Salvador. The flagship mobile classroom, a 12.5-meter expandable bus equipped with modern technology, serves as an interactive platform where young Salvadorans learn about a range of digital financial services. This hands-on approach extends to practical demonstrations of how to use debit and credit cards, engage with electronic payment systems, and navigate various banking technologies, fostering a financially literate and empowered future generation.
Moreover, in its regulatory capacity, the BCR undertook a comprehensive review of financial regulations in 2024, aimed at enhancing transparency and public confidence in the financial sector. This reform comes at a crucial time, as economic stability and security are paramount concerns for Salvadorans. Coupled with its regulatory updates, the BCR hosted the Global Policy Forum (GPF) in collaboration with the Alliance for Financial Inclusion, attracting representatives from 77 financial institutions and central banks globally. The forum facilitated the exchange of best practices and innovations in financial services, green finance, and support strategies for vulnerable populations, positioning the BCR as a thought leader in international financial discourse.
The bank has also taken substantial steps to streamline trade processes through its Centre for Import and Export Procedures of El Salvador (CIEX). For example, the automation of agricultural product visa approvals by the Ministry of Agriculture and Livestock, along with the implementation of new shark exportation certificates, significantly reduced processing times for exporters, thereby enhancing trade and stimulating economic activity. Such measures not only simplify logistical hurdles but also enable a more robust trade environment, one that is responsive to the needs of exporters.
The BCR’s initiatives extend further with the promotion of the Transfer 365 platform, which has become the favored method for Salvadorans engaging in digital financial transactions. Operating around the clock, this platform supports a variety of activities, such as interbank transfers, payments to service providers, and payroll processing. The service captured an impressive 84% market share of interbank transfers in 2024, marking a significant advance in digital transactional capabilities in the country. In a notable improvement for customers, the BCR also introduced “Tu Cheque Hoy, Tu Dinero Ahora,” a reformed check clearing process that reduces clearance times from three days to under five hours. This expedited service, now offered by 19 financial institutions across the nation, illustrates a substantial leap in efficiency and customer convenience, thereby enhancing the overall banking experience for Salvadorans.
The BCR’s transformative efforts have not gone unnoticed on the international stage, as it received accolades such as the title of Best Central Bank in Central America for a second consecutive year. Additionally, the bank was honored with the Prize for Quality and Excellence from the European Association, reflecting its commitment to best practices in central banking. One of its standout projects, the “Nueva Cartografía 100% Digital de El Salvador,” which focuses on geographic data and mapping, was recognized globally with the SAG-AWARD at the ESRI User Conference. Furthermore, the institution was certified as a Great Place to Work, an acknowledgment of its dedication to maintaining a positive and inclusive work environment.
These recognitions serve as testament to the unwavering efforts of the BCR team, whose initiatives play a crucial role in fortifying the financial infrastructure of El Salvador. As the bank continues to innovate and adapt to the evolving economic landscape, its projects are increasingly visible and impactful, contributing positively to national development and delivering tangible benefits to the Salvadoran populace.
Overall, the initiatives spearheaded by the BCR reflect a broader strategy that aims to integrate advanced technology and inclusive practices into the country’s financial fabric. This ongoing evolution not only enhances the immediate economic landscape but also establishes a foundation for sustainable growth in the years to come. Through its dedication to financial education, regulatory reform, and technological innovation, the BCR stands as a model for central banking practices in the region, signaling a promising future for El Salvador’s economy.