Mi Banco

What Mi Banco does

Mi Banco (legal name: Multi Inversiones Banco Cooperativo de Los Trabajadores, Sociedad Cooperativa de Responsabilidad Limitada de Capital Variable) is a cooperative bank in El Salvador founded on April 30, 1992, and headquartered in Colonia Escalón, San Salvador. Originally established to serve workers and educators, the institution is a member entity of the Sistema Fedecrédito federation (which comprises 48 Cajas de Crédito and 7 Bancos de los Trabajadores) and operates as a top-10 Salvadoran financial institution by total assets, with $450.50 million in assets as of June 30, 2024. The bank is regulated by the Superintendencia del Sistema Financiero (SSF) and the Banco Central de Reserva (BCR), and is a member of the Instituto de Garantía de Depósitos (IGD), which guarantees deposits up to $12,054 per depositor.

The bank offers a full suite of retail and SME banking products: multi-purpose loans (Crédito Multidestino), housing loans, SME loans (Crédito Pymes), education loans, credit and debit cards, four savings account types (Cuenta Electrónica, Multi Rentable, Multi Inversión, Mi Bankito for children), and fixed-term deposits (Depósitos a Plazo Fijo) with interest rates from 1.75% to 2.50% annual. Distribution is multi-channel: 12 physical Centro de Negocios across El Salvador's central, eastern, and western zones; the FedeBanking internet banking platform; the FedeMóvil mobile app; the FedeRed 365 ATM network (the most extensive in El Salvador); and the central bank's Transfer365 real-time interbank transfer system (since May 2025). Service revenue is generated from remittance payouts through six correspondent networks (MoneyGram, Ria, UniTeller, Vigo, CUSCA, BBVA Bancomer), bill payments (electricity, water, telecom, taxes), life insurance distribution (Mi Seguro Vida), and card interchange fees. The bank sponsors the El Salvador Media Maratón and runs financial education programs such as Global Money Week.

The business model is a net interest margin model layered with transaction fees: as of June 30, 2024, the gross loan portfolio stood at $373.3 million (5.80% H1 2024 growth) and public deposits at $286.84 million (2.14% H1 2024 growth), with net profit of $2.53 million in H1 2024. Pricing on deposits is published; loan pricing is personalized based on creditworthiness. The bank holds risk ratings of EA+ from Pacific Credit Rating (upgraded in 2025) and EA(slv) from Fitch (Stable Outlook), with an exceptionally low 0.21% past-due portfolio ratio and 213.45% reserve coverage. The technology stack is conventional (no proprietary AI/ML platforms described), and the bank operates exclusively within El Salvador with a customer base centered on individual consumers, government workers, educators, SMEs, and remittance recipients.

Name

Mi Banco

Legal name

Multi Inversiones Banco Cooperativo de Los Trabajadores, Sociedad Cooperativa de Responsabilidad Limitada de Capital Variable

Website

https://mibanco.com.sv

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

Mi Banco is a Salvadoran cooperative bank founded in 1992 that serves individual consumers, SMEs, government workers, and remittance recipients through 12 branches and digital channels (FedeBanking, FedeMóvil, FedeRed 365) within the Sistema Fedecrédito network, with $450.5M in total assets.

Ownership category

akta.pro rank

Product category

Cooperative Retail Banking

NAICS

Credit Unions (52213)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

akta.pro secondary industry

Microloans & Working Capital Loans (FSAKAGAA)

Keywords

• Cooperative banking
• Consumer lending
• Retail deposits
• Remittance services
• Digital banking platform

Headquarters

HQ city

San Salvador

HQ country

El Salvador

HQ region

Latin America

Offices12 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain, Others

Revenue model

1. Interest Income from Loans: Mi Banco earns interest income from its loan portfolio, which includes Multidestino (multi-purpose loans), credit cards, housing loans, SME/personal loans, and educational loans. Gross loans stood at $373.3 million as of June 30, 2024. The bank uses a fixed-quota amortization system.
2. Deposit Taking and Interest Expense: The bank accepts deposits including fixed-term deposits (Depósitos a Plazo Fijo), electronic savings accounts, Multi Rentable savings, Multi Inversión savings, and Mi Bankito children's savings. Deposits from the public totaled $286.84 million as of June 2024. Interest is paid monthly on fixed-term deposits.
3. Remittance Services: Mi Banco pays remittances received from abroad through correspondent networks including MoneyGram, Ria, UniTeller, Vigo, CUSCA, and BBVA Bancomer. Fees and exchange differentials generate revenue from this service. Maximum daily remittance payout is $4,000/day and $6,000/month.
4. Bill Payment Services: The bank processes bill payments for utilities (CAESS, CLESA, DEUSEM, EEO, DEL SUR electricity providers; ANDA water), telecommunications (CLARO, TIGO), and government taxes (IVA, Income Tax, import duties, DUI/passport issuance fees).
5. Credit Card Transaction Fees and Interest: Mi Banco issues international credit cards, earning interchange fees on transactions and interest on revolving balances. The loyalty program (Programa de Lealtad) offers promotions and discounts at affiliated merchants.
6. Life Insurance (Mi Seguro Vida): The bank offers Mi Seguro Vida, a life insurance product, generating commissions or fees for distribution.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels7 records

Core offering

Mi Banco is a cooperative bank (Banco Cooperativo) that accepts deposits, originates consumer and SME loans, issues credit/debit cards, and provides remittance, bill payment, real-time interbank transfer, and life insurance services to individuals, workers, educators, micro-entrepreneurs, and SMEs in El Salvador. It distributes these products through 12 Centro de Negocios branches, FedeBanking internet banking, the FedeMóvil app, the FedeRed 365 ATM network, and correspondent partners such as MoneyGram and Ria. Revenue is generated primarily from net interest income on loans and deposits, plus transaction-based fees and insurance commissions.

Product overview

Mi Banco is a cooperative bank (Banco Cooperativo) operating as a unified platform of financial products and services in El Salvador. The core offerings include FedeBanking (internet banking) and FedeMóvil (mobile banking) as the primary digital channels, supported by a network of 12 Centro de Negocios (business centers). Deposit products span savings accounts (Cuenta Electrónica, Cuenta Multi Rentable, Cuenta Multi Inversión, Mi Bankito) and term deposits (Depósitos a Plazo Fijo). Credit offerings include multi-purpose loans, housing loans, business loans (Pymes), and education loans, alongside credit and debit cards. Service offerings encompass remittance collection, bill payment, Transfer365 real-time transfers, international transfers, life insurance, and card protection programs. The bank serves both individual and business customers through a multi-channel distribution model combining physical branches with digital platforms.

Differentiator

Problem solved

Functional benefit

Brands

• FedeBanking: Internet banking platform for managing savings, transfers, remittances, and bill payments 24/7
• FedeMóvil
• Fedepuntos
• FedeRed 365

Products and services

• FedeBanking Internet banking platform that allows customers to manage savings accounts, perform transfers, collect remittances, pay bills, and manage credit payments from any device 24/7.
• FedeMóvil Mobile application enabling users to perform banking operations, including remittance collection via code generation, fund transfers, and bill payments. Cardless cash withdrawal is supported via generated codes at FedeRed 365 ATMs.
• Cuenta de Ahorro Electrónica Electronic savings account with a $1.00 minimum opening balance, designed for digital banking customers and required for Transfer365 service enrollment.
• Cuenta Multi Rentable Savings account with monthly interest payments and competitive returns, requiring a higher minimum balance starting at $1,000.
• Cuenta Multi Inversión Multi-investment savings account with a $10.00 minimum opening, designed for investment growth with tiered interest rates.
• Cuenta Mi Bankito Savings account designed for children and youth with a $5.00 minimum opening, promoting financial inclusion from an early age.
• Depósitos a Plazo Fijo Fixed-term deposits with competitive interest rates, terms from 30 to 720 days, and a $600 minimum investment. Interest is paid monthly. Deposits are guaranteed by the Instituto de Garantía de Depósitos (IGD) up to $12,054.00 per depositor.
• Tarjeta de Crédito International credit card with a revolving credit line, accepted at merchants worldwide, with loyalty programs and promotional discounts at affiliated merchants.
• Tarjeta de Débito Debit card linked to savings accounts, enabling ATM withdrawals, purchases, and cardless cash withdrawal through FedeMóvil-generated codes at FedeRed 365 ATMs.
• Crédito Multidestino Flexible multi-purpose loan for various financial needs including debt consolidation, home improvements, or personal expenses, with fixed-quota amortization.
• Crédito Vivienda Housing loan with mortgage guarantee for home purchase, construction, or renovation purposes.
• Crédito Pymes Business credit designed for small and medium enterprises with flexible terms and collateral options including chattel (prendary) and mortgage guarantees.
• Crédito Educativo Education loan for financing tuition, materials, and related educational expenses.
• Remesas Familiares Family remittance collection service supporting MoneyGram, Ria, UniTeller, Vigo, CUSCA, and BBVA Bancomer networks with real-time processing, payable via account credit, FedeMóvil, FedeRed 365, or FedeBanking. Maximum $4,000/day and $6,000/month per AML rules.
• Transfer365 Real-time interbank transfer service through the Banco Central de Reserva's Transfer365 system, available 24/7 with no additional costs for account holders. Requires an Electronic or Multi Rentable savings account and FedeMóvil or FedeBanking registration.
• Pago de Facturas Utility and service bill payment including electricity (CAESS, CLESA, DEUSEM, EEO, DEL SUR), water (ANDA), telecommunications (CLARO, TIGO), and government tax payments (IVA, income tax, import duties, DUI/passport).
• Transferencias Internacionales International money transfer service to accounts or third parties across Central America and the Dominican Republic in real-time via the BCR's LBTR system.
• Mi Seguro Vida Life insurance product providing financial protection for families and beneficiaries, distributed by Mi Banco.
• Fedepuntos Loyalty points program where customers earn points for purchases with Mi Banco credit cards, redeemable for rewards and discounts at affiliated merchants.

Quantifiable outcome

• Total assets of $450.50 million as of June 30, 2024
• +10 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core and minor.

• Transfer365 (Banco Central de Reserva)coreTechnology or Integration · 1 May 2025Transfer365 is the real-time interbank payment system operated by the Banco Central de Reserva. Mi Banco is now listed directly on Transfer365 (as of May 2025), allowing customers to find Mi Banco directly and make instant transfers 24/7, any day, at no additional cost.
• La Tecleña (Pastelería y Panadería)minorGTM or Marketing Partner · 1 October 2024La Tecleña is a well-known bakery in El Salvador. Mi Banco partnered with La Tecleña for its Christmas remittance promotion ('Qué galán! Remesa con pan'), offering complimentary pan dulce (sweet bread) to remittance recipients in the western, central, and paracentral zones.
• Universidad Dr. José Matías Delgado (UJMD) — Escuela de Diseño 'Rosemarie Vásquez Liévano de Ángel'minorStrategic or Co-development Partner · 1 February 2024UJMD's School of Design collaborated with Mi Banco for the Global Money Week 2024 graphic design contest on the theme 'Protege tu Dinero, Asegura tu Futuro'. The partnership includes student participation, poster exhibition at Mi Banco's Centro Financiero, and use of winning designs in national financial education campaigns. Winners received savings accounts and booklets with their designs distributed at financial education fairs.
• MoneyGramcoreChannel Partner/ Reseller/ Distributor · 1 January 2024MoneyGram is a major international remittance company. Mi Banco serves as a payout point for remittances sent through MoneyGram to recipients in El Salvador. Recipients can collect remittances via account credit, FedeMóvil, FedeRed 365 ATM network, or FedeBanking.
• Ria Money TransfercoreChannel Partner/ Reseller/ Distributor · 1 January 2024Ria is a global remittance service provider. Mi Banco operates as a remittance payout partner, allowing recipients to collect Ria transfers at its branches and digital channels in El Salvador.
• UniTellercoreChannel Partner/ Reseller/ Distributor · 1 January 2024UniTeller is a remittance service provider. Mi Banco serves as a payout location for UniTeller remittances to El Salvador, with collection available through the bank's electronic channels and branch network.
• Vigo / Vigo RemittancescoreChannel Partner/ Reseller/ Distributor · 1 January 2024Vigo is a remittance network operating in Latin America. Mi Banco processes Vigo remittance payouts for recipients in El Salvador.
• CUSCA (Caja de Crédito y de los Trabajadores)coreChannel Partner/ Reseller/ Distributor · 1 January 2024CUSCA is a credit union/caja de credito within the Sistema Fedecredito network. Mi Banco processes CUSCA remittance payouts in El Salvador.
• BBVA BancomercoreChannel Partner/ Reseller/ Distributor · 1 January 2024BBVA Bancomer is a major Mexican bank and remittance sender. Mi Banco serves as a payout point for remittances originating from BBVA Bancomer accounts sent to El Salvador.
• Pastelería y Panadería LorenaminorGTM or Marketing Partner · 1 October 2023Lorena is a bakery in eastern El Salvador. Mi Banco partnered with Lorena for its Christmas remittance promotion, offering complimentary pan dulce to remittance recipients in the eastern zone of the country.
• Sistema Fedecredito (Federación de Cajas de Crédito y de Bancos de los Trabajadores)coreStrategic or Co-development Partner · 10 November 2009Fedecredito is the Federation of Credit Unions and Workers' Banks. The Sistema Fedecredito comprises 48 Cajas de Credito, 7 Bancos de los Trabajadores, and the Federation. Mi Banco is a member entity (entidad socia) of Sistema Fedecredito. This membership provides the shared ATM network (FedeRed 365), shared banking platforms (FedeBanking, FedeMóvil), correspondent banking infrastructure, and collective regulatory representation.
• Instituto de Garantía de Depósitos (IGD)coreStrategic or Co-development Partner · 28 April 2004The IGD is an autonomous public credit institution that guarantees depositor savings in each member institution up to a limit established by law ($12,054.00 per depositor per institution, updated January 2026). Mi Banco is a member institution of the IGD, providing mandatory deposit insurance to its customers.
• Superintendencia del Sistema Financiero (SSF)coreStrategic or Co-development Partner · 28 April 2004The SSF is the financial system regulator in El Salvador that authorized Mi Banco to accept public deposits on April 28, 2004, and continues to supervise its operations. Mi Banco is regulated and supervised by the SSF under the Ley de Bancos Cooperativos y Sociedades de Ahorro y Credito.
• Banco Central de Reserva de El Salvador (BCR)coreStrategic or Co-development Partner · 28 April 2004The BCR is El Salvador's central bank. Mi Banco is regulated by the BCR under the cooperative banking framework. Mi Banco participates in the Transfer365 real-time interbank transfer system operated by the BCR, enabling 24/7 instant transfers between banks in El Salvador. The BCR also sets the regulatory framework through its Committee of Norms.

Scale indicators12 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Banco Industrial de El Salvador: One of the top commercial banks in El Salvador offering deposits, loans, credit cards, and remittances. Most directly comparable in product mix (retail + SME + payments) and country footprint, though considerably larger and focused on mass-market rather than worker/SME inclusion.
• Davivienda El Salvador: Salvadoran subsidiary of Colombia's Banco Davivienda, offering consumer loans, mortgages, deposits, credit cards, and SME credit. Highly comparable product set with focus on consumer and PyME segments similar to Mi Banco's.
• Banco Cuscatlan: Major Salvadoran commercial bank offering retail deposits, consumer and SME loans, credit cards, and remittance payout. Direct competitor in El Salvador retail and SME banking with similar deposit-and-lend franchise model.
• Banco Promerica El Salvador: Salvadoran subsidiary of Grupo Promerica focused on consumer credit, SME loans, credit cards, and deposits. Closely comparable niche to Mi Banco on consumer/PyME credit underwriting and product set.
• Banco Hipotecario de El Salvador: Salvadoran bank specializing in mortgage lending and savings products. Overlaps with Mi Banco's housing loan and savings offerings, though with a narrower product focus on real estate finance.
• Banco Azul El Salvador: Smaller El Salvador-domiciled bank targeting retail, SME, and remittance customers with deposit and loan products. Closely comparable scale and target-segment positioning, especially around consumer/SME inclusion.

Broad incumbents

• Banco Agricola: Largest bank in El Salvador and subsidiary of Grupo Bancolombia. Provides full retail, SME, corporate, and remittance services; comparable for product breadth and target overlap, but operates at much greater scale and broader geographic reach.
• BAC Credomatic (El Salvador): Pan-regional bank with full Salvadoran presence, offering deposits, loans, credit cards, and remittances. Comparable on the consumer/SME lending product mix but is a much larger regional incumbent across Central America.

Regional players

• Bandex (Banco de Desarrollo y Comercio Exterior): Salvadoran bank historically focused on export-sector trade finance and corporate credit. Comparable in-country deposit-taking franchise but with a different credit-risk profile skewed to exporters rather than mass retail.

Emerging players

• Tigo Money El Salvador: Mobile wallet and payment service from Tigo/Millicom operating in El Salvador. Competes with Mi Banco on remittance payouts, bill payments, and digital account access, though not a deposit-taking depository institution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/MiBancosv
• LinkedInlinkedin.com/company/mibancoelsalvador
• Instagraminstagram.com/mibancosv
• TikToktiktok.com/@mibancosv

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mi Banco