Five out of ten Peruvians have access to the financial system in rural areas.

According to the latest data from National Institute of Statistics and Informaticsin rural areas of the country, only five out of ten Peruvians over 18 and employed have access to the financial system, while in urban areas this figure reaches 62% of residents.

In the case of rural areas, there is a lot of progress, because six years ago only 24% of this population decided to open an account; however, there are still reasons that cause mistrust in society.

“We are seeing progress, but there are unresolved issues,” explained Nelson Tapia, Caja Piura’s regional manager for the southern region. According to the microfinance organization, 37% of depositors in rural areas are women and 51% are men, while the remaining 12% are companies.

The executive explained that people have deep-seated beliefs that prevent them from making the decision to include themselves in the financial system.

What myths give rise to distrust of people?

More than half of the population in rural areas prefer to keep their money at home or order it from someone else, exposing themselves to being robbed, Tapia said. “User Financial system You can use alternative means to complete transactions without traveling with cash. They have access to electronic means of payment, such as a card, to make payments and transfers via mobile phone or over the Internet,” the spokesperson says.

Organizations seeking financial inclusion are developing products that guarantee the growth of the money supply. “For example, opening a term account as part of the Caja Piura Put Your Savings to Work campaign will help maximize savings even in the inflationary phase,” says Tapia. Financial literacy is key to curbing supply-side ignorance in rural areas where education levels and school attendance are low.

The financial system promotes a portfolio of products and services that have no value. “Many organizations, such as Caja Piura, are not charging a fee on their clients’ deposits at the national level after removing the cost of maintaining their savings accounts a few months ago,” Tapia notes.

Before choosing a financial institution, it is recommended to make sure that it is supported by SBS and has a Deposit Insurance Fund that protects savings up to S/124 428. “Savings banks have lower infrastructure costs and fewer transactions, which allows them to offer rates up to eight times higher than banks on CTS accounts and term deposits,” Tapia explains.