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Modelo Perú: A Unique Approach to Financial Inclusion

Peru is well regarded internationally for having a well-developed formal financial sector. However, more than 70% of Peruvians are excluded financially. This is for a variety of reasons, including high transaction costs, financial illiteracy, and lack of accessibility in remote areas. Through Modelo Perú – a unique collaboration between the country’s financial institutions, government, telecommunications companies, large payers and payees – this is about to change. Together these institutions have constructed a shared infrastructure for mobile payments, which forms the basis for competition on customer acquisition through product, all with a unifying goal of financial inclusion. If successful, this will be the world’s first attempt to build a fully interoperable national mobile payments system designed to promote financial inclusion.

Better Than Cash Alliance
The Better Than Cash Alliance is a partnership of governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth. The Better Than Cash Alliance’s mission is to catalyze a global movement from cash to digital payments to help achieve the Sustainable Development Goals.

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