The Impact of Banco Azteca in Peru
Despite being one of the most dynamic economies in Latin America, Peru has relatively low levels of financial inclusion. In 2014, only 29% of people aged 15 or older had an account with a financial institution. Banco Azteca began operations in Peru in 2008, and now has more than 150 branches, oriented to locations unattended by traditional banking. Since Banco Azteca started its operations, there have been positive economic effects, reducing the probability of being unemployed and being poor, within these locations compared with locations where there is no Banco Azteca branch. The findings suggest that access to financial services, such as savings and credit for unattended segments, improves economic opportunities for Peruvians. The study conducted by BFA shows that the presence of Banco Azteca increases the likelihood of economic strength in the Peruvian communities in which it operates.