This means that the population will be able to acquire their account by simply presenting their Documento Único de Identidad (DUI) and the names of the beneficiaries, while salvadorans residing abroad will be able to do so digitally, after presenting their passport or residency card.

In addition, among the benefits that will be obtained with the entry into force of these changes to the regulations are the reduction of requirements for young people, between 16 and 18 years of age, since they will open their savings accounts with their birth certificate or minority card.

Following the amendment approved at the 59th plenary session, held in june, the requirement of a minimum amount to open an account will be eliminated, since to date financial institutions require users to have between US$25 and US$50 to access these products. The lower income population will also be favored and a savings culture will be encouraged among young people.

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.

For this reason, 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.