The Peruvian Bank Association (Asbanc) today highlighted the country’s significant improvement in financial services over the last ten years, as revealed by the 2nd Latin American Banking Federation (Felaban) Financial Inclusion Report.
“Peru has gone from 50 to 202 agent banks per 100,000 inhabitants, a 300% increase in 4 years,” reads Asbanc’s analysis of Felaban’s report.
The analysis also states that “the Peruvian financial system has seen considerable improvements” over the last ten years. As a result, the country has expanded financial service access in 2015, allowing more people to join the formal financial sector for the first time.
Added to this are banks’ increasing points of service, which have extended customers contact channels with their financial institutions.
The document also stresses the country’s major credit evolution: penetration rate climbed from 16.66% in 2006 to 37.02% in 2015.
Peru’s deposits/GDP ratio also recorded growth, going from 21.01% to 34.44% during the said period.
Technological advance – BIM
Lastly, Asbanc’s analysis underlines the role of technological banking advances to enhance financial service access, such as Internet and mobile banking.
“An example of the latter is the mobile wallet ‘BIM’, promoted by Asbanc,” the document reads.
The world-renowned model involves all financial system stakeholders, convened by the banking guild so that “more Peruvians benefit from the formal financial system, thus leading to sustainable development for them, their families and the country.”
(END) MDV/DHT/RMB
Published: 12/6/2016