National Strategy for Financial Inclusion: The Peruvian Experience - Pubdocs.worldbank ...
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National Strategy for Financial
Inclusion: The Peruvian Experience
Juan Carlos Chong
Head, Education and Financial Inclusion Department
Superintendence of Banking, Insurance and Private pension
funds of Peru
Session # 3: NFIS Development Process – Learnings from Peru
Peru: General information
Peru: Stable economy, low inflation rates and prudent
fiscal management
Macroeconomic environment 2015 Middle class expansion
(3rd pillar of Competitiveness Ranking) (% of total families)
Peru 23
Better
Chile 29
Colombia 32
Mexico 56
Uruguay 99
Worst
Brazil 117
In the past 10 years, the economic growth has allowed Peru to reduce
unemployment and poverty, leading to the expansion of the middle class.
Source: World Economic Forum, National Institute of Statistics and Informatics (INEI)
Financial inclusion in LAC Region
N° of offices per 100 thousand N° of offices per 100 thousand
N° oficinas por cada 100 mil habitantes
adults by country - 2013 adults by country - 2017
adultos 2017
N° of debtors per 100 thousand N° of debtors
N° de deudores per 100
por cada 100thousand
mil habitantes
adults by country - 2013 adultsadultos
by country
2013- 2017
Financial inclusion in LAC Region
Loans/GDP vs. GDP Individuals with an account by country
Deposits/GDP vs. GDP
Peru: Financial inclusion indicators
Access to a Point of Sale (Branch, ATM, Bank agent)
Number of branches, ATM and Bank agent
Jun.2018
Percentage of Districts of the quintile 1 y 2, with access to the FS
Source: SBS
Peru: Financial inclusion indicators
41% of the population have
an account in the FS
53% do nothing to cover
their expenses for old ages
32% of the population
have a credit in the FS
17% of the population
have private insurance
Sources: National Demand Survey of Financial Services and Financial Literacy (SBS, 2016)
Peru: Key challenges for financial inclusion
URBAN RURAL
Inadequate financial products
to satisfy the needs of the
population
Distance to the point
of access
Cost of financial
services
Lack of financial
education
Self-
exclusion
Lack of confidence
Sources: National Demand Survey of Financial Services and Financial Literacy (SBS, 2016)
Peruvian NFIS timeline
2018 - 2020
2016 - 2017
2015
2014
Implementation and
monitoring NFIS
2012-2013
Implementation and Adoption of the new
monitoring NFIS framework according to
National Planning
Reviewed and closure of
ENIF Approval and actions. System (D.S. N°029-
dissemination (DS 191 - 2018-PCM)
2015-EF) Approval of the PLANEF
CMIF (DS 029-2014-EF) MEF / MIDIS / MINEDU /
Initial coordinations and
concensus Working groups and SBS / BCRP / BN
private involvement
ENIF Guidelines /
Diagnostic studies (MEF / MIDIS / SBS /
BCRP / BN)
MEF/MIDIS/SBSData and diagnostics
Before New Delivery and
Diagnostic Review of Business Models and
the NFIS Financial Capability
Consumer Protection and Competition for Financial Survey CAF
Financial Literacy
approval (2013)
Inclusion in Peru (2014)
(2013-2014)
After the “National Demand
Survey of Financial
NFIS Services” and Long-term Saving
Innovative Financial
Inclusion Initiatives
approval “Qualitative Evaluation of Strategies (#14)
Report (#27)
Peruvians perceptions
and preferences” (#11)
Financial Education Financial Education
Mapping Exercise (#62) Diagnostic (#61)
Trade off between in-depth diagnostics and the timing of the public policy.Financial Inclusion policies framed in Peruvian National Plans
Bicentennial plan: National
Development
Peru towards 2021 Strategic Plan
Objetive:
To have transparent Objetive:
and efficient To develop financial
financial market, markets through
with sound financial inclusion
institutions that (Diversify economy,
facilitates financing competitively and
and investment. employment axis)
NSFIStakeholder engagement: Consultation process and commitments
• CMIF Colectivo Acceso • IEP – Proyecto Capital
Others
Public Sector
Private Sector
• Ministries (MEF, MIDIS, Financial Institutions (Research center)
MINEDU) BIM • PROMUC (Communal
• BCRP Industry associations Banks Association)
• Banco de la Nación ASBANC (Banks) • COPEME (Association
• SBS of non-regulated
FECPMAC (CMACs)
microfinance
ASOMIF (MiF) institutions)
APESEG (Insurers) • Fenacrep (Association
• Ministries (MINAGRI, AAFP (Pension of Credit Cooperatives)
PRODUCE) funds) • The World Bank
• OPSITEL
• COFIDE
• IndecopiStakeholder engagement: Convening power
The
MEF SBS
Worldbank
Financial Sector
Public sector Everyone
(Regulated FIs)
Convening power: Multilateral institution call and national institution callApproval process
Ministerial
Resolution Supreme
Decree
More flexibility vs More enforcementApproval process
NFIS launching ceremony
DS N° 191-2015-EF
The President and CMIF representatives
(07.22.2015)Challenge and lessons learned
A common understanding of financial inclusion through
one definition and shared knowledge create a level
playing field shared among all actors involved in the NSFI.
Be aware of the different mandates and competencies
among institutions involved in the NSFI. (Different
objectives and “speed” in implementation)
Involve private sector and other relevant actors from de
very beginning to create an ownership feeling on the
NSFI. (Be aware that too many people can be an issue)
Involve a trusty third party moderator (i.e. World Bank) to
convene and align objectives among all relevant
stakeholders. Also, be aware that relevant people at
national or international level can help to move forward
some steps of the NS. (for example: Former Ministries of
MIDIS, Queen Maxima)
Government Decree / Law is an important tool to create
accountability and enforce public sector entities to get
involved and to implement the proposed actions.Thank you! Questions?
Thanks! La Superintendencia de Banca, Seguros y AFP es la propietaria del presente documento. Ninguna parte de su contenido puede ser reproducida, almacenada, duplicada, copiada o distribuida en cualquier forma y por cualquier medio sin el consentimiento expreso previo de la Superintendencia de Banca, Seguros y AFP.
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