The Congress of the Republic of Peru recently approved a bill to regulate the emission of electronic money and its issuers, and to establish the legal and supervisory framework for companies to issue e-money under the supervision of the Superintendencia de Banca, Seguros y AFP (SBS) del Peru. Legislators voted 95-0 in favor of the new regulations with only two abstentions.

The approval of the bill helps enable SBS to meet one of its most important goals as outlined in its commitment to advance financial inclusion under the Maya Declaration made during the 2011 AFI Global Policy Forum (GPF) in Mexico. Additionally, it further demonstrates the leadership role developing and emerging countries continue to assume in the financial inclusion field.

The new regulation represents a combination of both bank-led and telco-led models, aligning the best elements of each into a bill SBS believes recognizes the unique conditions and specific needs of the people of Peru.

Representatives are hopeful the bill is able to further encourage innovative alliances and relationships between the banking and private sectors as the use of e-money expands.

SBS is an active member of AFI, and its participation in the GPF, Mobile Financial Services Working Group (MFSWG) and peer to peer discussion groups within the AFI Network have allowed members of SBS the ability to discuss their experiences — opportunities and constraints — which was instrumental in drafting this new bill.

There are currently 35 member institutions in the AFI Network that have made specific commitments to financial inclusion under the Maya Declaration.