The banking sector has been no exception, and in the midst of the changes that have been generated in the world, regions and countries, banking has had to react quickly, innovating the way it works and bringing its services closer.

Thanks to the leadership and preference of its clients, Bancoagrícola has once again been recognized by The Banker magazine as Bank of the Year El Salvador 2021. This has been possible thanks to its digital transformation strategy that puts its customers at the center, and with which they have been able to double the number of active online and mobile users to more than 315,000.

In addition, they have launched new digital services such as their digital savings account, and introduced contactless payment options for Android cell phones.

To receive this recognition, the global financial intelligence magazine, The Banker, takes into account data on earnings, assets, capital growth and returns on equity. In addition, the editorial team and judges place special emphasis on those banks that led the way in meeting the needs of their customers and maintaining resilience in the face of pandemic and country-specific contexts.

In this context, the multiple efforts made by Bancoagrícola through its digital and commercial strategy allowed it, despite being a complicated year, to increase its total assets by 7.4% in 2020 and operational efficiency was optimized with an improvement in the cost-to-income ratio, up to 42.4%. In addition, it was responsible for granting 27.9% of the loans disbursed in the country, and for protecting 29.4% of the total deposits of the salvadoran financial sector.

To achieve this, they have strengthened their commitment to providing multiple payment options to their customers, with products such as Wompi, a platform that enables small businesses to sell their products online without the need for their own website; or their partnership with TiendaCercaSV.com, a geolocation platform that allows restaurants and small neighborhood stores to accept payments via QR codes.

"Our strategy puts people and their needs at the center, which is why we work hard to promote sustainable economic development to achieve well-being for all. Recognitions such as Best Bank of the year fill us with pride and satisfaction, as they confirm the trust of our customers and motivate us to continue developing solutions for salvadorans who, with their effort and sacrifice, make the country grow", said Bancoagrícola's Executive President, Rafael Barraza.

"We all sail the same sea, but in different environments. As a bank, we want to bring solutions tailored to each of our customers and for that, innovation and digital transformation are key to continue strengthening the productive fabric of the country".

Through the evaluation of the period, The Banker highlighted the initiatives led by Bancoagrícola to accelerate the financial inclusion of entrepreneurs and small businesses, which is fundamental to support the salvadoran economy, where it is estimated that 32% of adults rely on the development of an entrepreneurship or small businesses as their main source of income.

To provide this support, in september 2020, the International Finance Corporation arranged a $330 million financing package for the bank, which will support the goals of Bancoagrícola to better reach these underserved segments. In addition, some of the proceeds will be used to finance green projects, which will play an important role in Bancoagrícola's climate change mitigation strategy.