Financiera Confianza and IFC sign agreement to promote financial inclusion with a gender approach for migrants in Peru

Lima, Perú. March 7h, 2022. As part of the commemoration of International Women's Day, Financiera Confianza, the entity in Peru of the BBVA Microfinance Foundation, and the International Finance Corporation (IFC), a member of the World Bank Group, signed a cooperation agreement to strengthen the products and financial services that the company provides to migrant clients, especially women, to contribute to their successful integration into the social and economic dynamics of the country.

There are around 2 million people of other nationalities (54% women) in Peru, of which more than 1.2 million are Venezuelans, according to the National Migration Superintendence. Of the latter, in Lima only 14% had access to financial products, according to a survey conducted in June 2020 by WOCCU/USAID.

The agreement between Financiera Confianza and IFC contemplates the instrumentation of tools that allow a closer knowledge of the needs, challenges, preferences, experiences and aspirations of foreign men and women residing in Peru in everything related to the use of financial services. A central part of these efforts will be the pilot testing of solutions designed specifically for migrants, while verifying how the needs of these particular segment and sub-segments are met.

"Given the economic impact of the COVID-19 pandemic, it's more crucial than ever to promote the financial inclusion of migrants through the empowerment of women who seek a better life for themselves and their families in Peru through entrepreneurship, especially the inclusion of the migrant women who face greater conditions of vulnerability", said Luis Germán Linares, general manager of Financiera Confianza.

"For this reason, one of the most important aspects of this agreement is its gender approach. In that sense, we want half of the new savings and credit accounts derived from this project to benefit women," added Linares.

For almost 30 years, Linares commented, Financiera Confianza has been working for the sustainable development of vulnerable women and men in Peru, through financial inclusion and Productive Finance. At the end of 2021, the entity served more than 730 thousand clients nationwide; more than 244,750 with credit products, of which 72% are in a vulnerable situation and 53% were women.

Elizabeth Martínez de Marcano, Manager of IFC in the Andean Region, said: "To promote growth, innovation and reduce poverty, we must promote the inclusion of migrants and close gender gaps. This agreement contributes to achieving both objectives. We are honored to collaborate with Financiera Confianza in this noble effort."

The project has the support of We-Fi (Financing Initiative for Women Entrepreneurs), whose funds are used by IFC to provide advisory services that benefit women entrepreneurs.

IFC works with the private sector to identify opportunities for migrants and their host communities in four areas: financial inclusion and entrepreneurship promotion, delivery of basic services such as education and energy, establishment of policies that encourage business creation and learning lessons shared with allies and interest groups.

About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
 
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