Globally, 39% of the population is unbanked. In Peru, half of compatriots still distrust banks, which prevents their participation in the digital market. New solution proposed by the BCRP could reverse this.
The growing digital money market is still moving slowly globally. It is observed that 39% of the population shows some reluctance with financial services, according to Citi. In Peru, for example, it is estimated that 50% of the adult population is unbanked.
According to Driss Temsamani, American Head of Digital for Treasury & Trade Solutions at Citi, A law is necessary that regulates the participation of the actors in the financial system to open up to the population that does not have access and generate a flow from the informal to the formal economy.
Through the annual report of the digital money index in Latin America 2023, it is highlighted that Peru exceeds the average level of informality worldwide, thus occupying fourth place compared to other countries with 69%, after Uganda (94%), Guatemala (74%) and Honduras (73%).
Faced with this problem, the Central Reserve Bank of Peru (BCRP) plans to start a pilot project in July that will allow offline payments, even with low-end cell phones. The new system, developed with the International Monetary Fund (IMF) and recognized at the World Economic Forum in Switzerland a year ago, will allow the unbanked population or without internet access to enjoy digital payments.
“What moves the country’s needle is interoperability, A Central Bank law that involves all participants and provides a series of basic services for payments that move digital money represents an opportunity. There are several initiatives coordinated by the Central Bank where Peru is moving forward,” says Temsamani.
Journalist from the Peruvian University of Applied Sciences (UPC) with a major in Management and Leadership. She is editor of La República in the economics section for digital and print.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
