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Access to formal financial services has increased in recent years in Peru. According to data from Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones (SBS), 52 per cent of the adult population owned an account in 2021, against 33 per cent in 2016. The increase was driven by the expansion of banking correspondents, the development of mobile banking and mobile money services and the effects of the pandemic. With regards to digital wage payments, World Bank data suggests that in 2021, 62 per cent of wage earners received wages into an account in Peru. Despite the progress, there are significant challenges in the access and/or usage of formal financial services, including digital wages, and in particular for women, low-income groups, small entrepreneurs and the population living in rural areas.
We have completed a rapid assessment on digital wages for decent work in Peru. The field data collection focused on the sectors of agribusiness and gastronomy of Peru (January – April 2022). We validated and discussed the findings and recommendations in an online workshop organised in April 2022. We are currently designing our intervention based on the study findings and further consultations with key stakeholders in the country.
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- Julio Perez, Project officer