Peru’s new mobile banking system is less than two weeks old and off to a running start. Since officially launching on Feb. 16, BIM — an abbreviation for “mobile wallet” in Spanish — already has around 23,000 registered accounts, far outpacing its target of 8,000 to 10,000 for the first month. The system is a unique model that brings together most of the country’s financial institutions and telecommunication companies into one common mobile money platform, specifically geared towards boosting financial inclusion for the poor.
The near-term goal is to reach 5 million accounts in the next five years. For that, BIM’s managers estimate they will need roughly 300,000 accounts signed up by the end of the year. If the current pace holds, hitting that mark should not be a problem.
To understand BIM’s early success and its vision for providing mobile wallets to the nearly 9 million Peruvians who presently lack access to financial services, Devex spoke with Carolina Trivelli, BIM’s principal manager. Trivelli, a former national minister of development and social inclusion, leads Pagos Digitales Peruanos, the company formed by Peru’s banking association to oversee BIM’s design and development. She offered insights into BIM’s ongoing experience that could benefit other countries looking to leverage mobile payment systems as a way to promote financial inclusion.
About the author
Naki B. Mendozamfbmendoza
Naki is a former reporter, he covered the intersection of business and international development. Prior to Devex he was a Latin America reporter for Energy Intelligence covering corporate investments and political risks in the region’s energy sector. His previous assignments abroad have posted him throughout Europe, South America, and Australia.