Financial Inclusion and Consumer Protection in Peru

As part of its Global Policy Initiative, Consultative Group to Assist the Poor (CGAP) partnered with the Superintendence of Banks, Insurance and AFPs of Peru in late 2008, with the purpose of enhancing the understanding of the issues and trends in consumer relations when financial services are delivered through branchless banking, particularly through agents, which are used in ever increasing scale in Peru. The product was this joint report. Three other countries with relevant experience in branchless banking (Kenya, Brazil and India) participated in a similar exercise at approximately the same time. As in the case of Peru, the exercise gave an opportunity for regulators of each jurisdiction to look at their regulatory and institutional framework for protecting branchless banking users, evaluate their regulatory and supervisory actions, and identify areas for improvements. A forthcoming CGAP focus note complements the effort, by making an overall evaluation of the lessons learned in these countries and drawing on the knowledge from other pioneer countries such as South Africa, Mexico, Colombia and the Philippines. The focus note will point out and address priority areas of concern and possible regulatory and policy options to address them. The first part of the report outlines the financial inclusion efforts currently being undertaken by the Superintendence. The following section summarizes the most important points of the legal and regulatory framework for financial consumer protection, pointing out any specificity of branchless banking. The third part describes the branchless banking business in Peru and describes the issues and problems identified in the relationship between branchless banking clients and providers, and the supervisory and enforcement implications. The last section draws conclusions and makes recommendations for achieving a balance between openness to innovation and protection in a branchless banking environment.

Bibliographic Details

Main Authors:	Superintendence of Banks, Insurance and AFPs of Peru, Consultative Group to Assist the Poor
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2010-02
Subjects:	ACCESS TO BANK, ACCESS TO INFORMATION, ACCOUNT HOLDERS, ACCOUNTING, ACCOUNTING RULES, ADVERTISING, AGENCY RELATIONSHIP, ARBITRATION, ATM, ATMS, AUTOMATED TELLER MACHINES, BANK ACCOUNT, BANK ACCOUNTS, BANK BRANCH, BANK BRANCHES, BANK SECRECY, BANKING SERVICES, BANKS, BASIS POINTS, BRANCH NETWORK, BUSINESS MODELS, BUSINESS REGULATION, CAPABILITY, CASH BALANCE, CIVIL CODE, CLIENT IDENTIFICATION, COMMERCIAL ACTIVITIES, COMMERCIAL ACTIVITY, COMMERCIAL BANKS, CONFIDENTIALITY, CONSUMER, CONSUMER COMPLAINT, CONSUMER COMPLAINTS, CONSUMER CREDIT, CONSUMER PROTECTION, CONSUMER PROTECTION LAW, CONSUMER RIGHTS, CONTRIBUTION, CREDIBILITY, CREDIT CARD, CREDIT CARD RATES, CREDIT CARDS, CREDIT COOPERATIVES, CREDIT SOURCE, CREDITOR, CREDITOR BANK, CREDITS, CURRENT ACCOUNTS, CUSTOMER EXPERIENCE, CUSTOMER SERVICE, DEBIT CARD, DEEDS, DELIVERY MECHANISMS, DELIVERY SERVICES, DEPOSIT, DEPOSIT-TAKING INSTITUTIONS, DEPOSITOR, DEPOSITS, DIGITAL CERTIFICATES, DIGITAL SIGNATURES, DISCLOSURE REQUIREMENTS, DISPUTE RESOLUTION, DOMESTIC BANK, DUE DILIGENCE, E-BANKING, E-MONEY, ECONOMIC DEVELOPMENT, EDUCATION PROGRAMS, ENFORCEMENT POWERS, EQUIPMENT, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CONTRACTS, FINANCIAL CRIMES, FINANCIAL CRISIS, FINANCIAL EDUCATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL LITERACY, FINANCIAL MARKETS, FINANCIAL OPERATIONS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL RISKS, FINANCIAL SECTOR, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDER, FINANCIAL SERVICES, FINANCIAL SERVICES PROVIDERS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL TRANSACTION, FINANCIAL TRANSACTIONS, FRAUD, FRAUDS, FRAUDULENT ACTIONS, GENERAL PUBLIC, GEOGRAPHIC DISTRIBUTION, GROWTH RATE, HOLDING, IDENTIFICATION NUMBER, INCOME LEVELS, INFLATION, INFORMATION ASYMMETRIES, INFORMATION ASYMMETRY, INFORMATION SHARING, INFORMATION SYSTEMS, INNOVATION, INNOVATIONS, INSPECTIONS, INSTITUTIONAL FRAMEWORK, INSURANCE, INSURANCE PRODUCTS, INTELLECTUAL PROPERTY RIGHTS, INTEREST RATES, INTERFACE, INTERNATIONAL FINANCIAL MARKETS, INTEROPERABILITY, JURISDICTION, JURISDICTIONS, LEGAL AUTHORITY, LEGAL FRAMEWORK, LEGISLATION, LEVY, LIABILITY, LIQUIDITY, LOAN, LOAN APPLICATIONS, LOAN RATES, LOCAL FINANCIAL MARKETS, LOCAL MEDIA, LOW-INCOME, LOW-INCOME CUSTOMERS, MAINTENANCE FEES, MAJOR BANK, MAJOR BANKS, MANDATES, MARKET DISCIPLINE, MARKET FAILURES, MARKETING, MASS MEDIA, MATERIAL, MEDIA CAMPAIGNS, METROPOLITAN AREAS, MICROFINANCE, MICROFINANCE INSTITUTIONS, MOBILE BANKING, MOBILE PHONES, MONEY LAUNDERING, MUNICIPALITIES, NETWORKS, ONLINE PRICE, OPERATIONAL RISK, PAYMENT POINTS, PAYMENT SERVICES, PAYMENT SYSTEM, PAYMENT SYSTEMS, PENSION, PENSION FUNDS, PENSION SYSTEM, PENSIONERS, PERSONAL DATA, PERSONAL IDENTIFICATION, PHONE, PHONE BANKING, PRICE COMPARISON, PRICE INFORMATION, PRICE TRANSPARENCY, PRIVACY, PRIVATE BANK, PRIVATE COMMERCIAL BANKS, PRIVATE PENSION, PRIVATE SECTOR, PROBABILITY, PROTECTION OF INTELLECTUAL PROPERTY, PUBLIC AWARENESS, PUBLIC CONFIDENCE, QUALITY OF SERVICE, QUERIES, RADIO, REGULATOR, REGULATORS, REGULATORY FRAMEWORK, REGULATORY REPORTS, REGULATORY REQUIREMENTS, REGULATORY TREATMENT, REMITTANCES, REMOTE LOCATIONS, RESPONSIBILITIES, RESULT, RESULTS, RISK EVALUATION, RISK FACTORS, SALE, SALES, SATELLITE, SAVINGS, SAVINGS ACCOUNTS, SETTLEMENT, SOURCE OF INFORMATION, STAKEHOLDERS, STATE BANK, SUPERVISION, SUPERVISORY FRAMEWORK, SYSTEM DEVELOPMENT, TARGETS, TAX, TAX YEAR, TAXATION, TELLERS, TRANSACTION, TRANSACTION VOLUMES, TRANSPARENCY, UNEMPLOYMENT, USER, USERS, USES, WEB, WEB SITE, WEB SITES, WORTH,
Online Access:	http://documents.worldbank.org/curated/en/2010/02/24224934/financial-inclusion-consumer-protection-peru-branchless-banking-business https://hdl.handle.net/10986/21838
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