The Central Reserve Bank of El Salvador (BCR) and the Ministry of Commerce and Investments unveiled a groundbreaking initiative on Monday, as they launched Transfer365 Central America – Dominican Republic. Building upon the success of Transfer365, which was introduced in June 2021, this new service promises to revolutionize financial transactions for Salvadorans across the region.
Under the leadership of President Nayib Bukele, the BCR, led by Douglas Rodríguez, and the Ministry of Commerce and Investments, headed by Miguel Kattan, are determined to enhance public services and propel El Salvador’s financial landscape into a new era of efficiency and convenience.
Transfer365 Central America – Dominican Republic marks a significant milestone in the government’s commitment to providing modern and accessible financial services to its citizens. By expanding the existing Transfer365 system beyond El Salvador’s borders, the initiative aims to benefit the entire Central American region, including the Dominican Republic.
The President of the BCR, Douglas Rodríguez, emphasized the visionary leadership of President Bukele in inspiring this innovative project. He stated, “Everything begins with President Nayib Bukele’s unwavering dedication to improving services for our population.”
The initiative also reflects the government’s ambition to surpass private sector capabilities in the provision of essential services. Douglas Rodríguez remarked that the philosophy behind this expansion is to elevate the public sector to new heights.
To achieve this ambitious goal, the BCR invested approximately $20 million to modernize the payment system in El Salvador, which had not undergone significant updates in over a decade. The result of this investment was the introduction of Transfer365 in June 2021, a flagship product that has been adopted by all 22 authorized financial institutions in the country.
Thanks to the widespread adoption of Transfer365, Salvadorans have saved an impressive $38.9 million in banking transaction fees. The service has provided a cost-effective and user-friendly alternative to traditional transfer methods, making it easier for citizens to manage their finances efficiently.
With the new Transfer365 Central America – Dominican Republic, the BCR and the Ministry of Commerce and Investments aim to foster economic growth and financial inclusivity across borders. The initiative holds the potential to streamline and revolutionize the way financial transactions are conducted, promoting regional trade and cooperation.
President Nayib Bukele’s government has demonstrated its commitment to driving progress and prosperity for Salvadorans through strategic investments in modern financial infrastructure. As Transfer365 Central America – Dominican Republic takes its place on the regional stage, it opens the door to a future of greater financial empowerment and connectivity for the people of Central America and the Dominican Republic.