As a result of globalization and technological development, all over the world, financial services are experiencing a fast-paced and wide-scoped growth. In Peru, these services have also been developed in both the banking sector and in companies within the real sector (e.g.: technological entrepreneurships) has recently started to develop financial services as well. These new forms, agents and channels through which financial services are being provided generate greater financial inclusion, something that governments can take advantage of.
In order to further develop such financial services, the government’s involvement —especially that of regulatory entities—is highly important. Eficient regulatory schemes that focus on the risks associated to these services are the only way to ensure a formal and eficient growth that reaches the population not yet served by the financial system.
This InShort aims to show how regulation plays a fundamental role in the development of new and inclusive financial services in Peru. It also underscores the importance of aligning regulation with the objectives that the State needs to accomplish in order to promote the growth of financial services and financial inclusion, independently of the provider offering the service. In order to achieve this, this InShort will present, first, the scope and types of inclusive financial services that have been developed around the world in general, and in Peru in particular. Then, it will put forward general and specific criteria that should be taken into account when developing suitable regulation for financial services in Peru. Finally, as a conclusion, it will present the text’s key ideas.