Session #16: Operationalizing an NFIS Learnings from...

Session #16: Operationalizing an NFIS –

Learnings from Peru

Bicentennial plan:

Peru towards 2021

National Development Strategic Plan

Objetive:

To have transparent

and efficient

financial market,

with sound

institutions that

facilitates financing

and investment.

Objetive:

To develop financial

markets through

financial inclusion

(Diversify economy,

competitively and

employment axis)

NSFI

Financial Inclusion policies framed in Peruvian National Plans

Multisectoral commission for financial inclusionPresidency: Ministry of Economy (MEF)

Payments

(Central Bank)

Savings

(SBS)

Financing(Ministry of Economy)

Insurance(SBS)

ConsumerProtection

(SBS)

FinancialEducation

(SBS / Ministry of Education)

Vulnerable Groups

(Ministry of Social Inclusion)

Secretariat(MEF)

Governance arrangements: FI Multisectoral Commission

Action plan of the NSFI

The action plan incorporates 65 activities*. For each activity, the action plan specifies

a leader (a member of the Multisectoral Commission), institutions involved,

prioritization and timeline for its implementation.

* The SBS is responsible for 31 out of 65 activities. And 21 actions involves its participation

2

7

8

6

2

5

1

4

3

1

1

2

2

4

4

1

1

1

3

7

Transversal

Grupos vulnerables

Educación Financiera

Protección alConsumidor

Seguros

Ahorro

Financiamiento

Pagos

Líder SBS Involucrada SBS Otros

(12)

(10)

(9)

(5)

(12)

(8)

(3)

(6)

Implementation of the NSFI

2015 2016 2017 2018

NSFI Update(MEF, SBS and

BCRP)

MIDISCayetana Aljovín, Fiorella Molinelli, Jorge Mendez, Liliana La Rosa

Political CrisisCMIF’s

Meetings

2012

NFIS Approval(July, 2015)

New Govt(July, 2016)

CMIF(Feb, 2014)

New GovtMar, 2018)

D. Tuesta (MEF, Apr.2018)

Initial

Meetings

2014

NSFI /

CEPLAN

MEFAlfredo Thorme, Claudia Cooper, David Tuesta, Carlos Oliva.

MINEDUJaime Saavedra, Marilú Martens, Idel Vexler, Daniel Alfaro

NFIS Monitoring & Evaluation

THEMATIC

AREA

IMPACT

INDICATOR

BASELINE

(2014)2016

TARGET

(2021)

Global% of population with access to financial

system92% 95% 100%

Payments and

Savings

Adults with an account at a formal

financial institution29.0 41% 75.0

PaymentsNumber of e-payments transactions

per-capita14.5 16.0 80.0

Financing MSME with access to finance 26.6 NA 50

InsuranceAdults with at least one insurance

productNA 15.4 TBD

Financial Education

Financial knowledge score:

▪ Calculation of interest

▪ Risk and return

▪ Inflation

▪ Diversification

NA 36% TBD

NFIS Key achievements

Cost reduction for low-cost transacctions

(Interbank Transfer / Inter-regional / E-money).

- Govt. Payments: Pagalo.pe (Banco Nación)

- Retail payments through QR code.

SAVINGS

- New basic account regulation

- Study of long-term savings.

- FI channels (banking agents, ATM, insurance dealers and

Money Transfer Companies)

FINANCING

- Supervision of COOPAC

- Mechanisms to facilitate access to credit for SMEs

key achievements

- Microinsurance regulation.

- improvements in data collection of insurance information

FINANCIAL EDUCATION

- Financial education competency in school curriculum

- Diagnostic and Mapping Excercise

- National Plan for Financial Education

- Public-private initiatives (FEC, #pormicuenta, Money Week)

CONSUMER PROTECTION

- Market Conduct Regulation (Financial System)

- Enhaced Market Conduct Regulation (DFS)

- Improved statement for private pension fund.

- Consumer Map (OSIPTEL; OSINERGIM; OSITRAN;

SUNASS, SBS, SUSALUD e INDECOPI)

COUNTRY

POLICY

GENERAL GOVERNMENT POLICY

NATIONAL POLICY

NFIS 2.0: The FI as part of National Policies

STRATEGIC NATIONAL DEVELOPMENT PLAN

ENIF

LINE 3: EQUITABLE, COMPETITIVE AND

SUSTAINABLE ECONOMIC GROWTH

Oficio # 0283-2018-CEPLAN

Registration of the National Strategy for Financial Inclusion as a nationalpolicy document by the MEF.

Challenge and lessons learned

Governance structure of the NSFI is very important

taking into account that political changes can affect its

implementation.

It is very important to define clearly the roles of the

presidency, technical secretariat, leaders of the working

groups and entities responsible of implementing the

proposed actions.

Combine ST actions (quick-wins) with LT actions

(structural) in order to keep institutions motivated in the

NSFI.

The action plan should be reviewed periodically in

order to incorporate new actions addressing new

challenges for FI. (e.g. DFS)

NFIS should be aligned to Government National

Policies (e.g. CEPLAN in Peru)

Thank you!

Questions?

Thanks!

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