Financial inclusion in Peru: key challenges for public policies

Diálogos de Políticas Públicas

This document analyses the degree of financial inclusion existing in Peru and the main goals. It offers recommendations for guiding public policy and developing an appropriate legal framework for financial inclusion.

It identifies the following key challenges:

(i) Promoting access to the financial system

(ii) Designing financial products and services adapted to users’ needs

(iii) Introducing financial education programmes

(iv) Strengthening consumer protection mechanisms and procedures

(v) Promoting coordination across industries and between institutions

(vi)Promoting the leadership role of the central bank Banco de la Nación in financial inclusion

To this end, it recommends (i) improving infrastructures in order to increase geographic expansion and penetration,  (ii) developing and introducing alternative financial channels, such as mobile banking and banking correspondents, (iii) teaching financial education in all areas of the country and from a young age, as a key factor for inclusion, (iv) strengthening consumer protection through better regulation and financial education; (v) that the central bank, Banco de la Nación, play a more active part in promoting financial inclusion, leveraging its geographic reach and long experience.