“Peru is an example of remarkable growth in microfinance and that is why the country topped the Global Microscope [on the Microfinance Business Environment] for the fifth consecutive year in 2012,” Asbanc said in a statement on Friday.
The association noted that access to formal financial services, particularly credit, allow families and individuals in general to make significant improvements to their quality of life.
According to the 2012 edition of Microscope, the Peruvian government consistently strengthens the regulation and supervision of microcredit portfolios, strengthens the regulatory framework for deposit-taking, ensures the credit bureau provides reliable information to borrowers, and promotes price transparency and financial literacy.
In addition to Peru, other Latin American nations like Bolivia, El Salvador, Colombia, Mexico, Panama, Ecuador, Paraguay and Chile also featured high in the global ranking of 55 countries.
“The Peruvian model could be replicated in other countries in the region, but always taking into account the characteristics and diversity of each country, as various social, cultural and economic factors are involved,” Asbanc noted.