LIMA, Peru–The World Council of Credit Unions' (WOCCU) Economic Inclusion Project (EIP), a USAID-funded activity, and the National Federation of Credit Unions of Peru (FENACREP) have launched a new initiative called “The Strengthening Route” to bolster financial inclusion efforts throughout the Peruvian cooperative sector.
According to the World Council of Credit Unions, an April 8 meeting brought together eight partner institutions and allies of the Economic Inclusion Project to discuss the challenges, opportunities and needs facing the Peruvian cooperative sector.
“The parties agreed the sector must be more competitive and adaptable when it comes to offering cutting-edge financial services, such as digital products and the expansion of digital service channels,” WOCCU said. “But there was recognition that the financial inclusion of populations most in need of these services, such as young people, rural populations, women and migrants, face restricted access to the formal financial sector.”
A ’Challenging’ Scenario’
WOCCU said that as part of what it called a “challenging” scenario, "The Strengthening Route" is being implemented through EIP partner and allied credit unions that are working with FENACREP, WOCCU's direct member organization in Peru.
The objective is to:
- Successfully offer more agile, digital services to members
- Expand business strategies into markets with adequate price conditions and opportunity costs
- Hire more skilled employees to boost institutional growth
"Currently, the needs for reorganizing and transforming credit unions are becoming more evident to adapt to the new conditions of the financial environment and economic competition,” said Manuel Rabines, general manager of FENACREP.
Focus on Inclusion
EIP leaders also made a call to strengthen the cooperative sector in Peru by promoting more financial inclusion, WOCCU stated.
“In our project, we are clear that financial services are the basis for the sustainability of entrepreneurship and employability programs aimed at migrant and local populations,” said Oscar Guzman, EIP chief of party. “For this reason, we have already linked more than 70,000 beneficiaries with relevant services in just a year-and-a-half of activity.”
The “Strengthening Route” aims to contribute to the enhancement of the Peruvian credit union system, so it can become a benchmark for financial inclusion across the country, WOCCU reported.
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