2016年-世界发展银行全球_El_Salvador_Financial_Sector_Assessment_Program_Development_Module___Financial_Inclusion_55页_1mb

Summary of Financial Inclusion in El Salvador

Core Content

This document is a Financial Sector Assessment Program (FSAP) - Development Module Technical Note on financial inclusion in El Salvador, prepared in March 2016 by the World Bank. It provides an in-depth analysis of the financial inclusion landscape, focusing on individual and firm access to financial services, the regulatory environment, and recommendations for improvement.

Main Findings

• Financial Inclusion of Individuals:

  • El Salvador has made progress in financial inclusion, with 34.6% of adults having a financial institution account in 2014, up from 2011.
  • Access to transaction accounts is still low, especially for female, low-income, and rural adults.
  • Only 14% of adults save in regulated institutions, indicating a reliance on informal savings.
  • Women have a 10% gender gap in account ownership, and informal workers are disproportionately excluded from retirement savings systems.
  • High costs and lack of funds are the most common barriers to account ownership.
  • Mobile money has been growing, with 4.6% of adults having access in 2014, but the market is still in its early stages.
  • Credit access is relatively high for individuals, but usage of formal credit remains low, with only 17.2% of adults using a regulated financial institution for credit.
  • Mortgage access is higher than the regional average, but still limited, especially for women and the poorest 40% of households.

• Financial Inclusion of Firms:

  • MSMEs (Micro, Small and Medium Enterprises) have high access to transaction accounts, with over 90% of firms having a bank account.
  • Credit to firms has grown slowly, with consumer credit dominating the sector.
  • Access to finance is a major constraint for 26.6% of firms, which is higher than in some neighboring countries.
  • Retained earnings are the main source of funding for firm investments, with 44.7% of small firms and 49.5% of medium firms relying on this.
  • Factoring and leasing are underdeveloped, limiting the range of financial instruments available to firms.
  • Collateral requirements are high, averaging 166% of the loan value, though lower than the regional average.

Key Challenges

• Regulatory Weaknesses:

  • The legal and regulatory framework for financial inclusion is fragmented, with gaps in the payments law and consumer protection regulations.
  • E-money providers (EMPs) and money transfer operators (MTOs) lack a clear and robust regulatory framework.
  • Overlapping mandates and conflicting policies between the Financial System Superintendence (SSF) and Consumer Protection Agency (CPA) hinder effective supervision.
  • The AML/CFT framework does not clearly define whether electronic documents can be used for regulatory compliance.

• Security and Economic Environment:

  • A fragile security situation and slow economic growth limit investment and innovation in the financial sector.
  • High costs and limited access to formal financial services persist, especially for vulnerable groups.

• Digital Finance and Innovation:

  • Mobile phones present a significant opportunity to expand financial inclusion, but network operators may be imposing obstacles.
  • Interoperability of financial access points is needed to improve inclusion.
  • The legal framework for electronic contracts and transactions is not yet robust enough to provide certainty for financial service providers and consumers.

• Consumer Protection:

  • The consumer protection framework is underdeveloped, with prohibiting service fees policies not aligned with market realities.
  • Credit information systems need improvements to better protect consumer rights.
  • Data security and privacy are areas requiring attention to ensure trust in digital financial services.

Recommendations

Key Institutions and Frameworks

• BCR (Central Bank of El Salvador) and SSF (Financial System Superintendence) are the main regulatory bodies.
• CPA (Consumer Protection Agency) plays a role in consumer protection.
• LFIF (Law to Facilitate Financial Inclusion) and LFE (Electronic Signatures Law) are key legal instruments.
• LBCSAC (Law of Cooperative Banks and Savings and Credit Institutions) regulates the cooperative sector.
• Global Findex provides data on financial inclusion metrics.
• Economic Development Fund (FDE) and FIDEAGRO support financial inclusion in specific sectors.

Conclusion

El Salvador has made progress in financial inclusion, but significant gaps remain in access, especially for vulnerable groups. The country needs stronger regulatory and legal frameworks, improved data infrastructure, and better coordination between institutions to support financial inclusion and protect consumers. The growth of digital finance, particularly mobile money, offers a promising avenue for expansion, but obstacles must be addressed to fully leverage this potential.