Fintechs and the financial inclusion process in Peru

Authors

DOI:

https://doi.org/10.15381/quipu.v30i63.24043

Keywords:

fintech, financial inclusion, traditional bank

Abstract

The objective of the study was to examine the relevance of fintech in the process of financial inclusion in Peru. The analysis was descriptive and was carried out through a documentary review. The scope of the investigation found that fintech companies aim to serve segments not covered by traditional banking and have great development potential, as a result of the advantages of digitization and the use of innovation, open banking trends, and a cooperative model. Likewise, these companies face obstacles that have prevented further progress in financial inclusion, such as the absence of financial products that meet the needs and the high operational costs compared to the low profit margins, which represent the traditional assistance given to those of excluded segments. In conclusion, it is noted that Fintechs contribute to the process of financial inclusion in Peru by providing access to products and services to segments of the traditionally excluded population. In addition, they promote competition in the financial system by introducing products suited to the client's needs, in a more efficient manner. However, despite the advances in the sector, it is essential to generate more evidence around the impacts that fintechs have on the financial inclusion process.

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Author Biographies

  • Anapierina Andrea Salas Quenta, Ministerio de Economía y Finanzas. Lima, Peru

    Economist Engineer, with a specialization in Corporate Finance from the National Autonomous University of Mexico. With studies in Fintech from Wharton University. With more than 8 years of experience in financial risks, financial analysis and financial innovation. Analyst in financial system at the General Directorate of Financial Markets and Private Pension System of the Ministry of Economy and Finance, Lima, Peru.

     

  • José Gerardo Miranda López, Ministerio de Economía y Finanzas. Lima, Peru

    Bachelor in Economics with a major in Public Economics. Financial markets assistant at the General Directorate of Financial Markets and Private Pension System of the Ministry of Economy and Finance, Lima, Peru.

  • Raphael Angel Saldaña Pacheco, Ministerio de Economía y Finanzas. Lima, Peru

    Master in Public Management from EUCIM Business School, Master in Public Management from Universidad San Martín de Porres, Economist from Pontificia Universidad Católica del Perú, with a Master in Statistics. Specialist in financial system of the General Directorate of Financial Markets and Private Pension System of the Ministry of Economy and Finance. With extensive experience in the design, monitoring and evaluation of interventions and public policies in the financial system and financial inclusion. Teaching experience at postgraduate level at the Universidad Nacional Mayor de San Marcos.

  • Rulman Arturo Diaz Nishizaka, Universidad Tecnológica del Perú

    Master in Public Relations, with postgraduate studies in Organizational Behavior and Human Resources. With more than 20 years of experience in higher education in various faculties of Communication Sciences in the specialties of public relations, journalism and audiovisual communication. He has extensive experience in educational management, management and direction of teaching staff, revision of plans and curricula, recruitment, selection processes, induction, training and training of teams for university teaching.

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Published

2022-11-28

Issue

Vol. 30 No. 63 (2022)

Section

Review Articles

License

Copyright (c) 2022 Anapierina Andrea Salas Quenta, José Gerardo Miranda López, Raphael Angel Saldaña Pacheco, Rulman Arturo Diaz Nishizaka

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

AUTHORS RETAIN THEIR RIGHTS:

a. Authors retain their trade mark rights and patent, and also on any process or procedure described in the article.

b. Authors retain their right to share, copy, distribute, perform and publicly communicate their article (eg, to place their article in an institutional repository or publish it in a book), with an acknowledgment of its initial publication in Quipukamayoc .

c. Authors retain theirs right to make a subsequent publication of their work, to use the article or any part thereof (eg a compilation of his papers, lecture notes, thesis, or a book), always indicating the source of publication (the originator of the work, journal, volume, number and date).

How to Cite

Salas Quenta, A. A., Miranda López, J. G., Saldaña Pacheco, R. A., & Diaz Nishizaka, R. A. (2022). Fintechs and the financial inclusion process in Peru. Quipukamayoc, 30(63), 69-79. https://doi.org/10.15381/quipu.v30i63.24043