Salvadorans will only need to present their Documento Único de Identidad (DUI), the name of their beneficiaries and will be able to open them digitally, in a bank or with a banking correspondent.

To open a bank account, the first segment for the establishment of requirements; according to what the reform seeks will be up to the equivalent of three minimum wages (US$1,095).

The second is for users of more than three to six minimum wages (US$2,190). They must present their DUI, the names of the beneficiaries and complete a simplified client profile form.

For salvadorans living in the United States (USA) and other countries, they will be able to do so with a passport or DUI.

Congresswoman Dania González, affirmed that with this modification in Article 20 of said Law, they seek to make requirements more flexible, in order to reach the largest possible number of people and thus contribute a little to financial inclusion.

Likewise, the entities where savings accounts may be opened with simplified requirements are: banks, cooperatives and savings and loan companies.

The goal of this reform is to bank more than 90% of the population, by making the requirements for opening accounts more flexible.

Include 16 year olds in the banking system to encourage a savings culture ,in addition to encouraging the opening of accounts through electronic means without a minimum amount.

The amendments will be presented at the next plenary session for possible approval.

The purpose of the study is to shorten the time and processes to open a bank account. That is to say, to make more flexible the requirements demanded from users at the moment of acquiring this type of services.

According to data from the Banco Central de Reserva (BCR), only 23% of salvadorans have a savings account. This means that more than 70% of the population has not had access to this service, due to the unnecessary and bureaucratic paperwork required when opening an account.