After El Salvador finally adopting Bitcoin as legal tender, the traditional financial institutions have also started embracing the move. In fact, the top bank of El Salvador has finally accepted the use of Bitcoin in its institution.
Bancoagricola is the biggest financial institution in El Salvador. It has become the first financial institution to incorporate Bitcoin in its instruments. What that means is, customers can pay for financial instruments like loans with Bitcoin. It complies with the Bitcoin law passed in June this year.
Moreover, residents of El Salvador & customers of the bank can use Wompi, a digital payments gateway to receive payments in Bitcoin. Also, COO of Bancoagricola, Carlos Mauricio Novoa stated:
“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”
Finally, the bank also announced its aim of supporting bitcoin payments completely through their PoS terminals.
To achieve this goal, the bank has partnered with Flexa. Flexa is a digital payments platform that allows the institution to integrate bitcoin-related services into the platform easily. With Flexa integrated into the bank’s network of PoS, customers can receive bitcoin payments directly. Moreover, Banks and other businesses will include Bitcoin in their payments to comply with the legal tender status.
On this partnership, co-founder of Flexa, Trevor Filter, said:
“The opportunity to partner with organizations as innovative and world-class as Bancoagrícola and Grupo Bancolombia so that we can support better payment technology for millions of Salvadorans in such a tangible and impactful way is simply incredible.”