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Until September, microfinance institutions placed 20% fewer loans than last year

Until September, microfinance institutions placed 20% fewer loans than last year

At the end of the third quarter of 2023, the microfinance Peruvian companies have placed close to 20% fewer loans compared to the same period last year, due to various factors such as the climate emergency and the delays in social conflict and inflation in the first months of the year.

This was revealed by Jorge Delgado, president of the Association of Microfinance Institutions of Peru (Asomif), during the launching ceremony of the Latin American Microfinance Association (Alami), which brings together 314 microfinance institutions from Brazil, Peru, Colombia, Ecuador, Chile and Bolivia.

In this sense, Delgado assured that bills promoted by Congress, such as the elimination of costs for interbank transfers, come to further tighten credits after the Bank Interest Cap Law.

“The more the credit market is intervened with political decisions, the fewer people can access loans in the formal sector and they are exposed to scam modalities such as ‘drop by drop’, which handle interest rates that reach up to 800% “, revealed the head of Asomif.

Alami will seek to deepen financial inclusion and generate greater access to financial services for lower-income population groups as a way to contribute to the reduction of poverty in Latin American countries.

Alami members offer their portfolio of products and services to 18.5 million clients with a placement volume of approximately US$28 billion.

The common profile of the clients served by Alami associates corresponds to microentrepreneurs dedicated to commerce and services with an average credit that ranges between US$500 and US$1,500.

Source: Larepublica

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