Bank, government officials expect financial inclusion to rise in 2011

- Monday, March 28, 2011

Bank, government officials expect financial inclusion to rise in 2011

Peru's rate of financial inclusion, especially among micro enterprises and SMEs, should increase significantly in 2011 thanks to new banks entering the market and the country's remarkable economic growth, banking and government officials said.

César Fernández, head of market research for leading microlender Mibanco, said an additional 500,000 micro enterprises are expected to seek some form of financing in 2011, according to a report in the Andina state newswire.

That will help financial inclusion rates among those micro enterprises to rise to 40%, from the current 33%, banking association Asbanc general manager Enrique Arroyo said, according to the same report.

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Overall levels of financial inclusion in the Peruvian market rose to 25.7% in 2009, from 16.7% in 2005, and could rise above 30% by as early as 2013, Arroyo said.

He emphasized that the new banks entering the Peruvian market - two Latin American multinationals and three Asian banks - would help move this trend along.