A. M. In line with their commitment to the economic development and digital transformation of the country, Mastercard and the Banco Central de Reserva (BCR) of El Salvador announced the signing of a Memorándum de Entendimiento (MOU) focused on promoting the digitization of payments, financial inclusion and technological innovation.
This strategic collaboration aims to accelerate the evolution of the digital payment’s ecosystem in El Salvador, prioritizing the modernization of infrastructure and the integration of small businesses as key players in the local economy, through the adoption of modern, secure, and efficient solutions.
As part of this agreement, Mastercard will collaborate with the BCR to identify opportunities for technical advice and access to solutions that can contribute to the digitization of payments in the country, articulated in two strategic axes that will guide the collaboration with the ecosystem:
Financial Inclusion: Promoting financial inclusion involves not only strengthening small and medium-sized enterprises (SMEs), but also encouraging the widespread acceptance of formal financial services in businesses of all sizes. By promoting the use of digital payment tools, accessible financing, and financial education in businesses of all types, more people have access to the formal economy, facilitating the banking penetration of traditionally excluded sectors and building a fairer, more resilient, and inclusive economic environment for consumers, businesses, and communities.
- Knowledge transfer: Through its technological capabilities and solutions, Mastercard provides businesses, governments, consumers, fintechs, financial institutions and other players in the ecosystem with the tools and resources they need to adopt new ways of operating and interacting with their customers. By sharing not only technology, but also experience and best practices, Mastercard facilitates more efficient adoption, reduces gaps and promotes a sustainable transformation that strengthens the competitiveness and resilience of all participants in an increasingly digital environment.
“As Banco Central de Reserva we are committed to innovation and digitalization, which will allow more salvadorans to have access to new products and services, being part of a true financial inclusion, in which private alliances play a relevant role and in line with the strategic vision of President Nayib Bukele to offer the best to the salvadoran population”, said Douglas Rodriguez, President of the Banco Central de Reserva de El Salvador.
“This collaboration represents an opportunity to work with the country through the Central Reserve Bank, whom we thank for their trust. At Mastercard, we recognize the transformative potential of digitalization, especially at a time of change when Salvadorans need more flexible financial tools to support their socioeconomic development”, said Kiki del Valle, President of Mastercard’s North Latin America Division.
With this collaboration, Mastercard and the Banco Central de Reserva are driving a shared vision focused on inclusion, innovation, and sustainability. This collaboration seeks to contribute to the strengthening of the national financial infrastructure and reflects Mastercard’s global commitment to the development of smarter, safer, and more efficient solutions that improve the user experience and generate new opportunities for the economic well-being of people and communities.
