MICROCAPITAL BRIEF: Asociación de Bancos del Perú (ASBANC) Partners with Ericsson to Implement Mobile Money System

The Asociación de Bancos del Perú (ASBANC), an association of 23 financial institutions in the country, has announced a partnership with Ericsson, a Sweden-based telecommunications company, with the aim of implementing a mobile money platform in Peru called Mobile Money. The service is expected to be launched in 2015. Under the terms of the agreement, Ericsson will provide ASBANC with systems integration and support, training and management services. The goal of ASBANC in creating this system is to promote financial inclusion in the country by providing access to mobile banking services to people with no access to traditional banking services.

As of 2013, Ericsson had 4.5 billion subscribers in 180 countries and reported a net income of SEK12.2 (USD 1.74) billion.

By Tejas Jain, Research Associate

About Asociación de Bancos del Perú (ASBANC)

Asociación de Bancos del Perú (ASBANC) is a Peruvian trade organization composed of 16 private banks, one mutual fund manager and six other financial institutions. Founded in 1967, it aims at strengthening the private financial system; providing information, advice and consultation to its members; and collaborating with regulatory authorities.

Sources and Additional Resources:

Ericsson, “Ericsson chosen by ASBANC to develop a new channel to enable financial inclusion in Peru,”
http://www.ericsson.com/news/1849532

MicroCapital Article, May 30, 2011, “Ericsson Mobile Money Service Grows to Serve Thousands of Users in Several Currencies,”
https://www.microcapital.org/microcapital-brief-ericsson-mobile-money-service-grows-to-serve-thousands-of-users-in-several-currencies/

MicroCapital Article, April 7, 2008, “China: Ericsson and United Nations Development Programme (UNDP) Plan Mobile Financial Services for Rural Areas,”
https://www.microcapital.org/news-wire-china-ericsson-and-united-nations-development-programme-undp-plan-mobile-financial-services-for-rural-areas/

MicroCapital Universe Profile: Asociación de Bancos del Perú (ASBANC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asociaci%C3%B3n+de+Bancos+del+Per%C3%BA+%28ASBANC%29

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