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Peru WSBI member phone project promotes financial inclusion

Peru WSBI member phone project promotes financial inclusion


>> WSBI Member FEPCMAC in Peru implements the corporative project CMAC MOVIL in partnership with IADB/FOMIN

>> A technical assistance program to turn the Mobile Banking channel into a mechanism of financial inclusion

​​​​​​​​​​BRUSSELS, 30 November 2015 – The WSBI member in Peru, Peruvian Federation of Municipal Savings and Credit Banks – FEPCMAC – as part of its mission to support the development of the Peruvian System of Municipal Savings and Credit Banks (CMAC), has implemented the corporative project CMAC MOVIL, a strategic partnership with both the Interamerican Development Bank (IADB) and Multilateral Investment Fund ​(​FOMIN). The technical assistance programme's purpose to turn the Mobile Banking channel into a mechanism of financial inclusion.

The CMACs were the first entities in Peru to test the USSD technology with interactive menus. That allowed clients to get familiarized with a technology different from SMS that was available in banks until 2013 and that by sending a text message, for example BALANCES, the client would receive his account balance in another SMS. In other cases, it was just necessary to send the letter “B” and the client would get his balance. 

To evaluate whether to provide the CMAC MOVIL service with USSD and not with SMS, it was taken into account, in first place, the channel security, the cost being up to three times higher than the SMS. Another important factor was the protection of the client’s information. The need of a confirmation SMS delivery was also analyzed for the transaction, since it was identified in the carried out focus groups that it was an important component to inform the client that the transaction had been made successfully; considering also that the SMS was going to replace a receipt (“voucher”). These considerations have been important in the step towards the e-money financial service, which will appear in Peru directly with USSD technology, which has supported in the process of introducing a safe and friendly service.

>> See the full case study

Financial inclusion; Digitalisation; Information Technology; Social dialogue; Innovation; e-Payments