Wednesday, 29 December 2021 01:16

During 2021 BFA expands its operations in rural areas with 4 new rural banks

Written by Evelyn Alas

Banco de Fomento Agropecuario begins operations in Caja Rural Anamorós, Department of La Unión, bringing its products and services closer to the most vulnerable populations in surrounding areas such as: Lislique, El Sauce, Nueva Esparta, Polorós, and Concepción de Oriente.

The opening of the Caja Rural of the BFA in this locality will allow more than 8 thousand people to have access to innovative financial services, avoiding their displacement to another place to carry out financial operations, saving time and money, and contributing to the financial inclusion in the rural area of the country.

The Cajas Rurales are part of the network of physical channels through which the BFA seeks to bring the Bank's financial and non-financial services closer to municipalities, cantons and hamlets in the country with difficulties in accessing traditional banking services and which are characterized by a high percentage of rural population with high levels of poverty.

Among the operations that can be carried out at Caja Rural Anamorós are:

  • Opening of Savings Accounts, Checking Accounts and Certificates of Deposit  
  • Deposits and Withdrawals in Savings and Checking Accounts
  • Payment of BFA Loans
  • Payment of Basic Services and Miscellaneous Collectors
  • Payables (FISDL among other alliances)
  • Granting of Credits
  • Payment of Checks
  • Payment of Family Remittances
  • Association of Electronic Channels (BFA online, BFA Mobile, TeleBFA, ATM's BFA)

With the new Caja Rural Anamorós, local residents will not have to travel to Santa Rosa de Lima (20.2 kilometers) to make use of financial products and services, saving time and money by not having to leave their municipality.

BFA's growth in the rural area through rural banks

During 2021 Banco de Fomento Agropecuario continued to expand its operations through its Rural Savings Banks program, adding: Candelaria de La Frontera, department of Santa Ana; Jiquilisco, department of Usulután; Santiago de María, department of Usulután and Anamorós, department of La Unión; which are added to the Cajas Rurales Teotepeque in the department of La Libertad and Osicala, in the department of Morazán inaugurated during 2020.

With the Candelaria de la Frontera, Jiquilisco, Santiago de María and Anamorós Cajas Rurales, the BFA will benefit 57,788 people with financial products and services. In early 2022 the BFA will inaugurate the Caja Rural Juayúa, in the department of Sonsonate, with which it plans to benefit more than 11,000 people.

The BFA's Cajas Rurales model is the response to the mission entrusted by the Central Government to work to bring financial services closer to the country's rural sectors, in order to provide integral and sustainable financial solutions to salvadorans for their business growth and food sovereignty.

Cajas Rurales is part of the Agricultural Rescue Master Plan from its ruralization pillar, which aims to improve the living conditions of rural sectors, bringing closer attitudes of urban cities.