Peru

Peru has consistently proven to be one of Latin America’s strongest markets with an average economic growth of 6.5% over the last decade, and a 2.9% rate of inflation over the same period – the lowest in the region. Between 2004 and 2012 poverty in Peru declined from 58.5% to 25.8%, with extreme poverty simultaneously decreasing from 16% to 6%. Similarly Peru has made great strides toward the goal of expanding financial inclusion; between 2004 and 2013 the number of individuals holding bank accounts in Peru increased from 9 million to 20 million, while the percentage of adults who have obtained a formal line of credit from a financial institution increased from 14% to 30%. Financial service providers increased the number of in country access points to almost 32,000; an increase from 20 per 100,000 people to 188. Peru’s 2013 commitment statement to the Maya Declaration includes prescriptions for a baseline study to assess the level of financial inclusion in the country, incorporation of geographic and demographic data to identify opportunities for financial inclusion, as well as financial education programs for youth and a regulatory framework for the microinsurance market.

Sources:

http://www.afi-global.org/sites/default/files/publications/gpfi_country_case_studies_volumn_1_-_the_use_of_financial_inclusion_data.pdf

http://www.afi-global.org/sites/default/files/publications/md_sbs_peru_u...