The scale that has reached credit ‘drop by drop’ It represents the largest challenge of the financial system in Peru. The General Mayor of Microfinance of the Banking Superintendence, Insurance and AFP (SBS)Myriam Córdova, said that this financing with violent collection methods and that in turn imposes unwanted debts to the population has grown by the limit law to interest rates.
He said that this standard, contrary to its purpose of avoiding usury, has led to vulnerable populations not being addressed by the formal financial system, due to a cost issue. And as they need money, they turn to informal financing offers such as ‘drop by drop’.
“The concrete solution for this problem is to eliminate the limits of interest rates so that in the loan market it can be charged based on the individual risk of people,” Córdova said during his participation in the International Microfinance Summit Summic Cuenca 2025, in Ecuador.
During the summit, the president of the Peruvian Federation of Municipal Savings and Credit Boxes (FEPCMAC), Jorge Solísstressed that the ‘drop by drop’ credit has been affecting the most vulnerable population, so he said that, for several years, the FEPCMAC has insisted to the Congress that this law is repealed by having an opposite effect to what is sought.
Danger
The SBS representative also manifested about the initiative of the Congress that proposes that presidents of parliamentary board of directors qualify as directors of the board of directors of the municipal boxes. He argued that it represents a “very dangerous” political risk about a system that is not only relevant to the country’s financial inclusion, but “works.”
“It is very dangerous (for the boxes) if this rule thrives,” he said, after indicating that to be director of a box, a particular expertise is needed, because the public’s savings are at stake.
“The initiative has been requested to refer to the Economy Commission, because it has not received the opinion of the SBS,” he said.
Solís urged that Congress sends the file the initiative because it would weaken the governance of the municipal boxes.
They recognize Velarde
At another time, the president of the Central Bank of Ecuador, Tatiana Rodríguez, highlighted the contribution of the contribution to more than 500 participants from the summit of different economies Julio VelardePresident of BCRin the macroeconomic stability of the country.
“At lunchtime I heard that they talked at the table of the side how Peru with tremendous political instability has macro stability. I can answer all those present that this is mainly due to my colleague Julio Velarde. It is a great asset that Peru has,” he said.
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