MICROCAPITAL BRIEF: Peru Enacts National Financial Inclusion Strategy

The government of Peru recently enacted a National Financial Inclusion Strategy (NFIS) after consultation with the World Bank Group (WBG), a multilateral development organization that aims to improve living standards in developing countries. The objective of NFIS is to implement policies that promote financial inclusion based on the country’s existing environmental and economic circumstances [1]. Peru is one of 20 countries with which WBG has been working to develop and implement such a strategy [2].

The strategy developed for Peru’s NFIS includes promoting the usage of electronic transaction tools, providing better access to financial services and enhancing financial education programs as well as consumer protection. With the implementation of this strategy, the Peruvian government expects that by 2021 at least 75 percent of adults will have access to bank accounts to help its citizens “build assets, manage risk, reduce food insecurity and gain access to a range of other services”[1], stated Alberto Rodriguez, WBG’s Country Director for Bolivia, Chile, Ecuador, Peru and Venezuela.

As of 2015, WBG has 12,000 employees and operations in approximately 130 countries. As of 2014, WBG had commitments of USD 65.6 billion in loans, grants, equity investments and guarantees to its members and private business ventures.

By Hye In Arielle Oh, Research Associate

About World Bank Group (WBG)

Headquartered in the US, the World Bank Group (WBG) is a multilateral development organization that aims to improve living standards for people in developing countries. As of 2014, WBG encompasses the International Bank for Reconstruction and Development (IBRD), owned by 188 member nations; the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). As of 2015, WBG has 12,000 employees and operations in approximately 130 countries. As of 2014, WBG had commitments of USD 65.6 billion in loans, grants, equity investments and guarantees to its members and private business ventures.

Sources and Additional Resources:

[1] The World Bank: “Peru Launches National Financial Inclusion Strategy to Expand Financial Inclusion,” http://www.worldbank.org/en/news/feature/2015/08/05/peru-launches-national-financial-inclusion-strategy-to-expand-financial-inclusion?CID=FAM_TTFinanceMarketsEN_D_EXT

[2] The World Bank: “Overview: National Financial Inclusion Strategies,” http://www.worldbank.org/en/topic/financialinclusion/brief/national-financial-inclusion-strategies

[3] The World Bank: “Corporate Responsibility,” https://crinfo.worldbank.org/wbcrinfo/node/19

[4] The World Bank: “Annual Report,” http://www.worldbank.org/en/about/annual-report

MicroCapital Universe, “The World Bank Group,” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+World+Bank+Group

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