Superintendence of Banks, Insurance and AFPs of PeruConsultative Group to Assist the Poor2015-04-302015-04-302010-02https://hdl.handle.net/10986/21838As part of its Global Policy Initiative, Consultative Group to Assist the Poor (CGAP) partnered with the Superintendence of Banks, Insurance and AFPs of Peru in late 2008, with the purpose of enhancing the understanding of the issues and trends in consumer relations when financial services are delivered through branchless banking, particularly through agents, which are used in ever increasing scale in Peru. The product was this joint report. Three other countries with relevant experience in branchless banking (Kenya, Brazil and India) participated in a similar exercise at approximately the same time. As in the case of Peru, the exercise gave an opportunity for regulators of each jurisdiction to look at their regulatory and institutional framework for protecting branchless banking users, evaluate their regulatory and supervisory actions, and identify areas for improvements. A forthcoming CGAP focus note complements the effort, by making an overall evaluation of the lessons learned in these countries and drawing on the knowledge from other pioneer countries such as South Africa, Mexico, Colombia and the Philippines. The focus note will point out and address priority areas of concern and possible regulatory and policy options to address them. The first part of the report outlines the financial inclusion efforts currently being undertaken by the Superintendence. The following section summarizes the most important points of the legal and regulatory framework for financial consumer protection, pointing out any specificity of branchless banking. The third part describes the branchless banking business in Peru and describes the issues and problems identified in the relationship between branchless banking clients and providers, and the supervisory and enforcement implications. The last section draws conclusions and makes recommendations for achieving a balance between openness to innovation and protection in a branchless banking environment.en-USCC BY 3.0 IGOACCESS TO BANKACCESS TO INFORMATIONACCOUNT HOLDERSACCOUNTINGACCOUNTING RULESADVERTISINGAGENCY RELATIONSHIPARBITRATIONATMATMSAUTOMATED TELLER MACHINESBANK ACCOUNTBANK ACCOUNTSBANK BRANCHBANK BRANCHESBANK SECRECYBANKING SERVICESBANKSBASIS POINTSBRANCH NETWORKBUSINESS MODELSBUSINESS REGULATIONCAPABILITYCASH BALANCECIVIL CODECLIENT IDENTIFICATIONCOMMERCIAL ACTIVITIESCOMMERCIAL ACTIVITYCOMMERCIAL BANKSCONFIDENTIALITYCONSUMERCONSUMER COMPLAINTCONSUMER COMPLAINTSCONSUMER CREDITCONSUMER PROTECTIONCONSUMER PROTECTION LAWCONSUMER RIGHTSCONTRIBUTIONCREDIBILITYCREDIT CARDCREDIT CARD RATESCREDIT CARDSCREDIT COOPERATIVESCREDIT SOURCECREDITORCREDITOR BANKCREDITSCURRENT ACCOUNTSCUSTOMER EXPERIENCECUSTOMER SERVICEDEBIT CARDDEEDSDELIVERY MECHANISMSDELIVERY SERVICESDEPOSITDEPOSIT-TAKING INSTITUTIONSDEPOSITORDEPOSITSDIGITAL CERTIFICATESDIGITAL SIGNATURESDISCLOSURE REQUIREMENTSDISPUTE RESOLUTIONDOMESTIC BANKDUE DILIGENCEE-BANKINGE-MONEYECONOMIC DEVELOPMENTEDUCATION PROGRAMSENFORCEMENT POWERSEQUIPMENTFINANCIAL CONSUMERFINANCIAL CONSUMERSFINANCIAL CONTRACTSFINANCIAL CRIMESFINANCIAL CRISISFINANCIAL EDUCATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL LITERACYFINANCIAL MARKETSFINANCIAL OPERATIONSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL RISKSFINANCIAL SECTORFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERFINANCIAL SERVICESFINANCIAL SERVICES PROVIDERSFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL TRANSACTIONFINANCIAL TRANSACTIONSFRAUDFRAUDSFRAUDULENT ACTIONSGENERAL PUBLICGEOGRAPHIC DISTRIBUTIONGROWTH RATEHOLDINGIDENTIFICATION NUMBERINCOME LEVELSINFLATIONINFORMATION ASYMMETRIESINFORMATION ASYMMETRYINFORMATION SHARINGINFORMATION SYSTEMSINNOVATIONINNOVATIONSINSPECTIONSINSTITUTIONAL FRAMEWORKINSURANCEINSURANCE PRODUCTSINTELLECTUAL PROPERTY RIGHTSINTEREST RATESINTERFACEINTERNATIONAL FINANCIAL MARKETSINTEROPERABILITYJURISDICTIONJURISDICTIONSLEGAL AUTHORITYLEGAL FRAMEWORKLEGISLATIONLEVYLIABILITYLIQUIDITYLOANLOAN APPLICATIONSLOAN RATESLOCAL FINANCIAL MARKETSLOCAL MEDIALOW-INCOMELOW-INCOME CUSTOMERSMAINTENANCE FEESMAJOR BANKMAJOR BANKSMANDATESMARKET DISCIPLINEMARKET FAILURESMARKETINGMASS MEDIAMATERIALMEDIA CAMPAIGNSMETROPOLITAN AREASMICROFINANCEMICROFINANCE INSTITUTIONSMOBILE BANKINGMOBILE PHONESMONEY LAUNDERINGMUNICIPALITIESNETWORKSONLINE PRICEOPERATIONAL RISKPAYMENT POINTSPAYMENT SERVICESPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION FUNDSPENSION SYSTEMPENSIONERSPERSONAL DATAPERSONAL IDENTIFICATIONPHONEPHONE BANKINGPRICE COMPARISONPRICE INFORMATIONPRICE TRANSPARENCYPRIVACYPRIVATE BANKPRIVATE COMMERCIAL BANKSPRIVATE PENSIONPRIVATE SECTORPROBABILITYPROTECTION OF INTELLECTUAL PROPERTYPUBLIC AWARENESSPUBLIC CONFIDENCEQUALITY OF SERVICEQUERIESRADIOREGULATORREGULATORSREGULATORY FRAMEWORKREGULATORY REPORTSREGULATORY REQUIREMENTSREGULATORY TREATMENTREMITTANCESREMOTE LOCATIONSRESPONSIBILITIESRESULTRESULTSRISK EVALUATIONRISK FACTORSSALESALESSATELLITESAVINGSSAVINGS ACCOUNTSSETTLEMENTSOURCE OF INFORMATIONSTAKEHOLDERSSTATE BANKSUPERVISIONSUPERVISORY FRAMEWORKSYSTEM DEVELOPMENTTARGETSTAXTAX YEARTAXATIONTELLERSTRANSACTIONTRANSACTION VOLUMESTRANSPARENCYUNEMPLOYMENTUSERUSERSUSESWEBWEB SITEWEB SITESWORTHReportWorld Bank10.1596/21838