The Peruvian government is putting the finishing touches to legislation that will bring up to 2 million new customers into the banking system over the next three years.
Senior bankers in Peru expect that by the second quarter of next year companies that employ more than 10 people will be obliged to pay staff through bank accounts instead of directly in cash.
"This move aims to formalize the economy further and make sure that correct taxes, pension and social security contributions are being made," says Oscar Jasaui, president of Pacific Credit Rating agency. "It will also mean...
