Peru: Gov't implements National Strategy for Financial Inclusion

Peru’s President Ollanta Humala inked the Supreme Decree, which marks the begining of the National Strategy for Financial Inclusion, aimed at allowing more Peruvians to gain access to banking services and products designed for citizens living in the most remote areas of the country.

 

Thanks to the said initiative, more Peruvians will be granted opportunities to do business, make payments or receive money transfers without incurring any additional costs.

 

Likewise, they will be allowed to save money, obtain loans, protect their families, open or expand their businesses, among other benefits.

 

The National Strategy for Financial Inclusion is based on: Having access and using high-quality banking services.

 

In this sense, efforts are to be undertaken, so financial services will also benefit the most remote communities, instead of merely the main cities’ inhabitants.

 

The initiative has been designed, so residents of the said areas are allowed to count on safer means to manage their money by holding an account or having resources aimed at funding their businesses.

 

The National Strategy for Financial Inclusion works on seven lines of action:

 

1.    The promotion of electronic payment systems, such as credit and debit cards, e-money and interbank transfers.

 

2.    Boost savings and investment instruments, so those will be safe and trustworthy.

 

3.    Enable people and entrepreneurs to access accurate funding sources.

 

4.    Promote insurance packages comprising micro-insurance, agricultural- and catastrophe insurance.

 

5.    Consumer protection to achieve higher level of trust in the financial system by providing enough and simplified information regarding the services offered by the banking system.

 

6.    Financial education programs to boost the people’s banking skills for an accurate decision-making process.

 

7.    Promote the social inclusion of groups considered the most vulnerable in society, so those enhance their quality of life.