Promoting Inclusive Markets and Financial Systems
Expanding E-Money Services in Peru: Reaching unbanked clients and advancing financial inclusion
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Peru is the first country in Latin America to implement an e-money law, enabling the development and expansion of electronically-based, mobile financial services for low-income and rural populations. Peru’s legislation is distinctive and innovative in permitting both traditional banks and non-bank financial institutions to serve as e-money issuers. ASOMIF Perú (the association of regulated, non-bank financial institutions in Peru) is leading the implementation process in the microfinance sector, ensuring that the needs and perspectives of its members and their clients are captured in the rollout of the legislation. It is expected that 1 million Peruvians will have an e-wallet during the first year of implementation, with an additional 4 million served after 5 years. It is clear that the expansion of e-money services has significant potential to enhance financial inclusion in Peru.
This article is the second in a series developed by SEEP with support from Citi Microfinance titled Spotlight on Financial Inclusion Leaders. The series profiles selected microfinance associations, showcasing the ways in which they are supporting their members and meeting the challenges of value-added growth in financial inclusion. These associations are leaders in implementing innovative and locally-responsive approaches to financial inclusion. Their work is having a clear and measured impact on the lives of their clients, and their experiences bring valuable new knowledge to the industry at large.
Articles in the series:
- Summary - Microfinance Associations: Roles and new leadership opportunities
- I - Expanding Islamic Microfinance in Azerbaijan: The case for industry coordination to serve new client segments
- II (English) - Expanding E-Money Services in Peru: Reaching unbanked clients and advancing financial inclusion
- II (Español) - Expansión de los servicios de dinero electrónico en Perú: Alcance de clientes sin acceso a servicios bancarios y avance de la inclusión financiera
- III (English) - The Advance of Mobile Banking in Ecuador: Leveraging shared, industry-wide infrastructure for rural financial inclusion
- III (Español) - La banca móvil para la inclusión financiera en las áreas rurales de Ecuador: Utilizando una infraestructura compartida y la banca móvil para toda la industria
- IV - Inclusive Finance for Low Cost Private Schools in Pakistan: Serving a new client segment with sector-specific strategies