Law Facilitating Financial Inclusion


This law promotes financial inclusion and competition between financial entities. It establishes the requirements for the constitution, authorization, and operation of all societies providing electronic money services. This law extends to all banks, cooperatives, and savings societies.

All societies wishing to extend electronic money services must be anonymous, fixed capital societies. Once authorized by the Central Bank of El Salvador, these entities can only engage in electronic transactions. Any single transaction carried out by a client cannot amount to more than one minimum wage; similarly, the cumulative value of transactions carried out in a month cannot exceed four minimum wages.

Societies may only be constituted with a minimum capital of one million US dollars. This amount may be adjusted every two years by El Salvador's Financial System Regulator. 

Electronic money can be accepted as a medium of payment only if all relevant parties have agreed to transact this way in a written contract.  All persons seeking to transact with electronic money must present their identification document and a declaration of the income's origin. 


Document Details

Title (Non-English): 
Ley para Facilitar la Inclusión Financiera
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Date of Document: 
Thursday, September 3, 2015
Document Authors: 
Legislative Assembly of El Salvador
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