Technical Standards for the Submission of Information on Financial Education Programs or Initiatives (NASF-10)

NASF-10
PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION Approval: 09/23/2022 Validity: 10/10/2022

THE COMMITTEE OF STANDARDS OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:
I. That by Legislative Decree No. 419, dated June 14, 2022, published in the Official Gazette No. 136, Volume No. 436, of July 19 of the same year, the Law to Facilitate Financial Inclusion was reformed.
II. That article 20-D of the Law to Facilitate Financial Inclusion, added by Legislative Decree No. 419, establishes that the subjects obligated by the aforementioned Law must implement programs or initiatives of financial education that develop knowledge in users of such products and services regarding their use, benefits, and risks, as well as their rights and obligations, in such a way that the good use of their clients' resources is promoted. Likewise, it establishes that they must submit semi-annually to the Central Bank of Reserve of El Salvador the information pertinent to their programs or initiatives of financial education implemented in the country, in accordance with the regulations issued for such purposes.
III. That article 3 of Legislative Decree No. 419 establishes that the Central Bank of Reserve of El Salvador, through its Committee of Standards, will have a period of up to sixty calendar days from the effective date of the aforementioned Decree to elaborate the technical standards.
IV. That article 99 of the Law of Supervision and Regulation of the Financial System establishes that the Central Bank of Reserve of El Salvador, by virtue of said Law, is the institution responsible for the approval of the technical regulatory framework that must be issued in accordance with this Law and other laws regulating the supervised entities. In fulfillment of this responsibility, the Central Bank of Reserve of El Salvador must ensure that the regulatory framework applicable to the financial system is periodically reviewed, seeking its timely update.

THEREFORE,

by virtue of the regulatory powers conferred upon it by article 99 of the Law of Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE SUBMISSION OF INFORMATION ON PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION

NASF-10
PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION Approval: 09/23/2022 Validity: 10/10/2022

CHAPTER I
OBJECTIVE, SUBJECTS, AND TERMS

Objective
Art. 1.- These Standards aim to establish the conditions and requirements that obligated subjects must observe for the submission of information regarding their programs or initiatives of financial education implemented in the country.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are the following:
a) Banks; b) Cooperative Banks; c) Savings and Credit Societies; and d) Electronic Money Provider Societies.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Central Bank: Central Bank of Reserve of El Salvador; b) Financial Consumers: Users of financial products and services; c) Financial Education: The process through which financial consumers are sought to acquire knowledge and develop skills and aptitudes in the proper use of their personal and/or business finances, with the purpose of making adequate decisions and contributing to improving their social and financial well-being; d) Entity/entities: Subjects obligated referred to in article 2 of these Standards; e) Law: Law to Facilitate Financial Inclusion; and f) Programs or Initiatives of Financial Education: Set of planned actions that promote that financial consumers acquire or reinforce their knowledge, develop skills and aptitudes in the proper use of their personal finances, through training processes that allow them to make informed decisions to improve their financial well-being.

CHAPTER II
ON PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION

On programs or initiatives of financial education Art. 4.- Entities must implement programs or initiatives of financial education that develop the knowledge of financial consumers, regarding the use, benefits, and risks of financial products and services, as well as their rights and obligations, in such a way that the good use of their clients' resources is promoted, as established in the Law.

Submission of information
Art. 5.- Entities must submit to the Central Bank, electronically with the respective supporting material that evidences the implementation of the program or initiative of financial education, the information related to the structure of the program or initiative of financial education implemented in the country, as well as the results of its execution. Such submission will be made semi-annually during the first twenty business days of the months of January and July of each year, in accordance with what is established in Annex No. 1 of these Standards. (1)

Responsible for the submission of information
Art. 6.- Entities must appoint a delegate, who will be responsible for the submission of information as established in article 5 of these Standards. (1) The Central Bank will notify the entities of the means by which communication with the delegates selected by each entity will be carried out, informing additionally the technical details that the submission of information must meet and providing the necessary credentials for access to the means defined for the electronic submission of information. (1)

CHAPTER III
OTHER PROVISIONS AND VALIDITY

Technical details of the submission of information Art. 7.- The Central Bank will send to the entities, within a maximum period of sixty days after the effective date of these Standards, the technical details related to the submission of information required in article 5 of these Standards. The information requirements will be limited to the collection of information as regulated in these Standards.

Additional information
Art. 8.- The Central Bank may request additional information from entities that it considers necessary to be able to expand the details of the programs or initiatives of financial education reported as specified in Annex No. 1 of these Standards.

Sanctions
Art. 9.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System.

Transitory (1)
Art. 9-A.- The information regarding geographic coverage by districts referred to in Annex No. 1 of these Standards must be submitted to the Central Bank starting with the submission corresponding to the month of July 2024. (1)

Unforeseen aspects
Art. 10.- Aspects not provided for in terms of regulation in these Standards will be resolved by the Central Bank through its Committee of Standards.

Validity
Art. 11.- These Standards will enter into force starting on the tenth day of October two thousand twenty-two.

MODIFICATIONS:
(1) Modifications in articles 5 and 6 and in Annex No. 1 and incorporation of article 9-A approved by the Central Bank through its Committee of Standards, in Session No. CN-10/2023, of November 28, two thousand twenty-three, with validity starting from December 13, two thousand twenty-three.

Annex No. 1

NASF-10
PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION Approval: 09/23/2022 Validity: 10/10/2022

DETAIL OF THE INFORMATION TO REPORT TO THE CENTRAL BANK ON PROGRAMS OR INITIATIVES OF FINANCIAL EDUCATION

In the following form, consolidated information of the Programs or Initiatives of Financial Education that are implemented each semester of the year must be incorporated. Financial Education Program Year _______ Semester ________

I. Structure of the Program or Initiative of Financial Education
Name of the Financial Entity

Type of Financial Entity
Bank
Cooperative Bank
Savings and Credit Society
Electronic Money Provider Society
Entities that wish to voluntarily provide information on the financial education they perform (entities not covered by these Standards). Please specify: (1) ______________________________________________(1)

Name of the Program or Initiative of Financial Education

Objective of the Program or Initiative of Financial Education Execution period of the Program or Initiative of Financial Education (Start and end date)

Execution frequency of the actions established in the Program or Initiative of Financial Education Monthly Quarterly Semi-annual Annual Other:
Target segment
Women Clients in general
Children and Girls
(0- 12 years) (1)
Adolescents
(13-14 years) (1)
Entrepreneurial and business people from SMEs (1) Youth (15-35 years) (1) Entity Collaborators Other(s) Geographic coverage National Departmental Municipal District (1)

Contents of the Program or Initiative of Financial Education (You may list all that are carried out)

Formulators (Trainers) of the Program or Initiative of Financial Education Internal External Number of Formulators (Trainers) of the Program or Initiative of Financial Education Men Women Interinstitutional Alliances on Financial Education Topics Yes No Public institutions Private companies Non-Profit Organizations International Cooperation Organisms Others

Dissemination media of the Program or Initiative of Financial Education Press Social media (Facebook, X, Instagram, TikTok, YouTube) Email Television Website Radio Fairs Other

Follow-up and Evaluation of the execution of the Program or Initiative of Financial Education Monthly Follow-up Quarterly Follow-up Semi-annual Follow-up Annual Methodological evaluation of the Program or Initiative of Financial Education Survey Interview Other
II. Information of the area and contact responsible for the Program or Initiative of
Financial Education
Area
Responsible:
Name of the
Contact:
Contact
Phone:
Email:

III. Results of the Program or Initiative of Financial Education

Below, detail the total number of beneficiaries or participants of the Program or Initiative of Financial Education by sex and age, as requested:
Children and
Girls (0-
12 years) (1)
Adolescents
(13-14 years)
(1)
Youth
(15-35 years)
(1)
Adults
(36-59 years)
(1)
Elderly
(60 years and over) (1)
Female (1)
Male (1)
Unidentifiable information (1)

Below, detail the number of beneficiaries or participants of the Program or Initiative of Financial Education by Department:
Ahuachapán Cuscatlán
Sonsonate Cabañas
Santa Ana San Vicente
Chalatenango Usulután
La Libertad San Miguel
San Salvador Morazán
La Paz La Unión
Unidentifiable information (1)

Below, detail the quantity of population benefited according to the financial education activities carried out for the following population groups:
Clients in general Women
Children and Girls
(0- 12 years) (1)
Adolescents
(13-14 years) (1)
Entrepreneurial and business people from SMEs (1) Youth (15-35 years) (1) Internal entity collaborators Other(s) Implementation modality of the Program or Initiative of Financial Education Presential Virtual

Below, detail the number of people reached through the different dissemination media through publications of the Program or Initiative of Financial Education:
Social Media:
Website:
Email:
Others:
Press: (1)
Fairs: (1)
Television: (1)
Radio: (1)

Description of fields
Name of the Financial
Entity
Corresponds to the full name of the entity that will implement the Program or Initiative of Financial Education. Type of Financial Entity Indicate if it is Bank, Cooperative Bank, Savings and Credit Society or Electronic Money Provider Society or other. (1) Name of the Program or Initiative of Financial Education Corresponds to the name of the Program or Initiative executed by the financial entity. Objective of the Program or Initiative of Financial Education The result that is intended to be achieved with the execution of the Program or Initiative of Financial Education. Execution period of the Program or Initiative of Financial Education (start and end date) Time period during which the Program or Initiative of Financial Education will be executed. Execution frequency of the Program or Initiative of Financial Education Indicate the frequency with which the financial entity will execute the activities contemplated in the Program or Initiative of Financial Education: monthly, quarterly, semi-annual, and annual. Target segment Population groups to whom the Program or Initiative of Financial Education will be directed.

Below, attach the supporting material according to the corresponding category. If publications or dissemination activities were carried out through radio or television, they must present a brief summary in a PowerPoint Presentation or PDF Document:
Images
Video/s
Word Document
PDF Document
PowerPoint
Presentation
Spreadsheet (Excel)

Geographic coverage
Specify if the implementation of the Program or Initiative of Financial Education will be at the national, departmental, municipal, or district level. (1) Contents of the Program or Initiative of Financial Education Indicate the different topics addressed in the Program or Initiative of Financial Education. Formulators (Trainers) of the Program or Initiative of Financial Education Indicate if the formulators of the Program or Initiative of Financial Education are internal, external to the entity, or both. (1) Number of Formulators (Trainers) of the Program or Initiative of Financial Education Number of people who will implement the Program or Initiative of Financial Education, disaggregated by gender. Interinstitutional Alliances on Financial Education Topics Indicate if the financial entity has alliances with other national and international institutions (public, private, NGOs) for the implementation of the Program or Initiative of Financial Education. Dissemination media of the Program or Initiative of Financial Education Indicate the channels that the financial entity will use to make the target audience aware of the activities contemplated within the Program or Initiative of Financial Education, as well as to sensitize and disseminate general content on this topic. The dissemination media may be: press, email, financial education website, social media, television, radio, fairs, etc. Follow-up and Evaluation of the Program or Initiative of Financial Education Financial entities must evaluate the results obtained annually, with the purpose of knowing the extent of the fulfillment of the objectives established for the Program or Initiative of Financial Education. The periodicity (monthly, quarterly, or semi-annual) in which the results executed will be evaluated based on what was planned must be specified. Methodological evaluation of the Program or Initiative of Financial Education Indicate the instrument that will be used to collect feedback from the participants or beneficiaries of the Program or Initiative of Financial Education, regarding the content taught, the methodology, logistical aspects, and others, that allow identifying aspects of improvement. Information of the responsible area and contact of the Program or Initiative of Financial Education Corresponds to the responsible area for implementing and following up on the Program or Initiative of Financial Education within the financial entity, as well as the name and contact information of the person responsible within the area in charge of implementing and following up on the Program or Initiative of Financial Education.

Number of beneficiaries or participants of the Program or Initiative of Financial Education by sex and age Number of people benefited through the implementation of the Program or Initiative of Financial Education, disaggregated by sex and age. Number of beneficiaries or participants of the Program or Initiative of Financial Education by Department Number of people benefited through the implementation of the Program or Initiative of Financial Education, disaggregated by Department. Quantity of population benefited Detail the number of people benefited in the semester according to the target population groups defined in the entity's annual profile of the Program or Initiative of Financial Education. It is understood as Clients in general the users of financial products and services of the entity. Regarding women, SMEs, and youth, it refers to financial education activities carried out in a targeted manner for these population groups. Implementation modality of the Program or Initiative of Financial Education Indicate if the activities contemplated within the Program or Initiative of Financial Education will be carried out in virtual, presential, or both modalities. Number of people reached through media dissemation through publications of the Program or Initiative of Financial Education Detail the reach, in number of people, of the publications carried out through dissemination media to make the target audience aware of the activities contemplated within the Program or Initiative of Financial Education, as well as to sensitize and disseminate general content on this topic. Supporting material Corresponds to a sample of supporting material, such as visual resources (photographs and videos), PowerPoint presentations or PDF documents or others, that evidence the implementation of the Program or Initiative of Financial Education.