Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
Like most emerging markets, Peru suffers from low banking penetration and faces challengesto providing financial services. Beginning in 2015, a strategy called Modelo Peru emerged as acollaboration between financial institutions, telecom companies,...
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| Format: | Brief |
| Language: | English |
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International Finance Corporation, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/239411532462331038/Modelo-Peru-A-mobile-money-platform-offering-interoperability-towards-financial-inclusion http://hdl.handle.net/10986/30380 |
| Summary: | Like most emerging markets, Peru suffers
from low banking penetration and faces challengesto
providing financial services. Beginning in 2015, a strategy
called Modelo Peru emerged as acollaboration between
financial institutions, telecom companies, and the
government, with the goalof launching a mobile money
platform to better serve the nation’s unbanked and
underbanked. Theplatform’s main innovative feature is
interoperability among these three groups to achieve scale
and breed competition among e-money issuers. Yet after two
years the project continues to struggle to align all
involved financial institutions toward its development
objective, as well as ramp up the number and value of
transactions the mobile platform handles. Important
challenges to success include investing in a wider
distribution network that more effectively reaches the
unbanked, and building a strong digital ecosystem that makes
the platform relevant and understandable to users. These
challenges require better collaboration from the parties
involved as well as strong political will. Absent those,
mobile financial services in Peru will remain an alternative
financial service rather than a tool for financial inclusion. |
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