General information

Population

34.6M

Online population

25.7M

Currency

PEN

Market overview

Population - 34.6M

At the start of 2024, 79% of Peru’s population lived in urban centres, while 21% lived in rural areas.

Internet penetration - 74.7%

There were 25.7M internet users in Peru at the start of 2024.

FinTech Outlook: Trends, Insight & Technology

Since the last update of the Radar in 2021, the Peruvian FinTech ecosystem has experienced a compound annual growth of 20.9%. This significant growth translates into an increase of 61 projects, reaching a total of 193 FinTechs in 2023. The leadership of the FinTech landscape in 2023 is held by the ‘Lending’ segment with a solid presence of 50 companies, closely followed by ‘Wealth Management’ with 39 companies and ‘Payments and Remittances’ with an outstanding representation of 32 solutions. These three prominent sectors not only mark the forefront of the ecosystem, but together account for an impressive 62.7% share, underlining their central impact on the dynamism and diversity of the financial landscape in the country.

• Almost 30% of the FinTech companies in Peru already use Artificial Intelligence and Machine Learning within their solutions.
• One out of every three FinTechs is foreign. The report by Finnovista highlights global influence in the Peruvian market, especially in segments like Payments & Remittances.
• Nearly 6 out of every 10 B2C FinTechs target their services and products toward underbanked or unbanked segments.

<aside> 🏦 Open Banking The Peruvian banking regulator and the leader of the FinTech Group, SBS, is currently active­ly studying the open banking model. Re­cent announcements indicate­ a preference­ for an open finance approach that includes the­ broader financial market. This phased approach initially focuse­s on banking entities and addresse­s key challenges such as cybe­rsecurity, interconnectivity, and data privacy.

</aside>

Banks

The Peruvian banking sector [is made up](https://www.elmoudjahid.dz/fr/economie/finances-vingt-banques-et-8-etablissements-financiers-en-activite-en-algerie-4726#:~:text=La place bancaire compte actuellement,journal officiel (N 5).) of the Banco Central de Reserva del Perú and 54 banks. According to the Superintendency of Banking, Insurance, and Private Pension Funds of Peru, the 17 banks operating in the country recorded an 8.8% drop in their profits at the end of 2023 compared with the previous year. Despite that, Banco de Credito del Peru, the winner as Best Bank in Peru, posted record-breaking profitability in the year under a solid 2.6% return on assets.

According to WorldPay The Global Payments Report 2024, in October 2022, Peru’s Central Bank (CRBP) mandated payment interoperability. The first phase was implemented in April 2023 with interoperability between the country’s two largest payment apps – bank-owned A2A apps Yape and PLIN. The second phase went live in July to ensure interoperable account-to-account payment connectivity between all Peruvians.

Digital banks