Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business
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...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2010/02/24224934/financial-inclusion-consumer-protection-peru-branchless-banking-business http://hdl.handle.net/10986/21838 |
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okr-10986-21838 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Superintendence of Banks, Insurance and AFPs of Peru Consultative Group to Assist the Poor Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| geographic_facet |
Latin America & Caribbean Peru |
| description |
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. |
| format |
Report |
| author |
Superintendence of Banks, Insurance and AFPs of Peru Consultative Group to Assist the Poor |
| author_facet |
Superintendence of Banks, Insurance and AFPs of Peru Consultative Group to Assist the Poor |
| author_sort |
Superintendence of Banks, Insurance and AFPs of Peru |
| title |
Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| title_short |
Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| title_full |
Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| title_fullStr |
Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| title_full_unstemmed |
Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business |
| title_sort |
financial inclusion and consumer protection in peru : the branchless banking business |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2010/02/24224934/financial-inclusion-consumer-protection-peru-branchless-banking-business http://hdl.handle.net/10986/21838 |
| _version_ |
1764449317445173248 |
| spelling |
okr-10986-218382021-04-23T14:04:04Z Financial Inclusion and Consumer Protection in Peru : The Branchless Banking Business Superintendence of Banks, Insurance and AFPs of Peru Consultative Group to Assist the Poor 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 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. 2015-04-30T17:05:46Z 2015-04-30T17:05:46Z 2010-02 Report http://documents.worldbank.org/curated/en/2010/02/24224934/financial-inclusion-consumer-protection-peru-branchless-banking-business http://hdl.handle.net/10986/21838 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study Latin America & Caribbean Peru |