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Peru: New regs create competition for the unbanked

Two million new customers up for grabs; Boost for credit markets

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 the newly banked people will have access to credit and banking products that they didn’t have before."

Gianfranco Ferrari, Banco de Crédito
“The major drawback is that the one who decides which bank they get paid into is now the employee, so our commercial strategy will have to change”

Gianfranco Ferrari, Banco de Crédito

Another change will be that employees will now be able to decide which bank their salary is paid into. "The major drawback to this legislation is that the one who decides which bank they get paid into is now the employee, so our commercial strategy will have to change," says Gianfranco Ferrari, head of Banco de Crédito’s retail bank, which has the biggest payroll business with corporates and medium-sized enterprises in Peru.

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