The reform is specifically directed to article 20, which refers to the opening and deposits in savings accounts.
"Now any salvadoran will be able to open a savings account, presenting only his or her Documento Único de Identidad (DUI) and with no minimum opening amount'', said Mencia.
She said that the reform will be up to the equivalent of three minimum wages (US$1,095), and the second is for users of more than three to six minimum wages (US$2,190).
For salvadorans living in the United States (US) and other countries, they will be able to do so with a passport or DUI.
Among the benefits that will be obtained with the changes in the regulations are the reduction of requirements for young people, between 16 and 18 years old, this will favor the lower income population and will promote the savings culture.
The purpose of the reforms 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.
In addition, the decree mandates financial institutions to guarantee and provide security to avoid fraud or money laundering. They must also provide users with a free and accessible means of payment through a digital system.
The working group pointed out that financial digitalization is important because it will help to generate efficiency in transactions. With this, people will not have to go to a bank agency and money laundering will be avoided.