El Salvador’s Central Reserve Bank (BCR) and Mastercard have signed a memorandum of understanding to promote digital payment systems and boost financial inclusion in the country.

The agreement was signed by Douglas Rodríguez, BCR President, and Kiki del Valle, Mastercard’s President for Northern Latin America. The partnership focuses on modernizing payment infrastructure and helping small businesses adopt secure digital solutions.

“This will allow more Salvadorans to access new products and services, becoming part of true financial inclusion,” said Rodríguez.

“We see digitalization as a powerful tool to support Salvadorans in achieving greater financial flexibility,” added del Valle.

Mastercard will offer technical assistance and access to its digital tools. The partnership is built on two pillars: promoting the use of formal financial services and providing training to businesses, government, fintechs, and consumers.

According to a 2022 BCR survey, only 14% of Salvadorans use electronic money, with most non-users citing lack of knowledge or access as key barriers.