It is emphasized that Peru leads microfinance in Latin America and the Caribbean, a criterion that is true because for some years now, our country has been exporting “know how” and “expertise” to the nations of the American hemisphere. However, this success in marginal urban areas of the coast does not have as many achievements in rural areas of the sierra and ethnic communities of the Amazon.
Despite the good “performance” of the microfinance industry in the country, there is still much to do, especially in rural areas, which apparently is the “Achilles heel” of the system. Despite these limitations, Peruvian microfinance is in good health and is well accepted by specialized international opinion.
At the Microfinance Forum (FOROMIC) held last October, a specialized summit that the Inter-American Development Bank (IDB) organized jointly with the Superintendency of Banking, Insurance and AFP (SBS) and the Ministry of Production in Arequipa, they presented some results of hemispheric microfinance, what was called the TOP of MFIs (for its acronym in English).
According to an analysis of 229 microfinance institutions in Latin America and the Caribbean, it was found that the Peruvian non-governmental development organizations (NGOs) ProMujer and ADRA occupy the first and second positions among the twenty microfinance institutions (MFIs) with the best quality of purse. In the same study, the Manuela Ramos Movement and Finca Perú are among the ten MFIs in the same category.
It is important to note that the analysis is based on variables such as loans aimed at Micro and Small Enterprises (MYPE), growth of loans to MSEs, market penetration and mobilization of deposits. Although it is true that these NGOs are not regulated by any public or private institution, the microfinance culture and experience in the sector are the main management “regulators” in the work they do daily to serve the poorest in the country.
The work carried out by NGOs is key to understanding the dynamism of the Peruvian microfinance industry. Also ProMujer Peru and ADRA, the latter funded by the Seventh-day Adventist Church, are among the top ten most profitable MFIs, and only ProMujer is among the ten most efficient MFIs. These results reveal the “Know How” that those who direct these organizations obtain every day and that they are now sharing them with various institutions in Latin America and the Caribbean.
It is worth noting that a quarter of the 100 best MFIs in Latin America and the Caribbean are Peruvian, with Mibanco being the organization that leads the 25 organizations in the country. In this group there are municipal banks, Edpyme, rural, financial and NGO banks. Of this 100 MFIs that were selected from a total of 229 organizations, 17 Peruvian institutions are among the top 50 best MFIs. The role of the municipal savings bank system stands out, especially in the entities of Arequipa, Sullana, Huancayo, Ica and Trujillo. It is understood that in these institutions, 100% of the loans are directed to MSEs or the credits to microenterprises exceed 50% of the total loans.
These figures confirm the good moment of the Peruvian microfinance industry, which is why FOROMIC was for a few days, the world center of microfinance, because not only organizations from the continent participated, but also from the old world, Asia, Africa and Oceania. The financial transparency of MFIs, supported by the management reports of independent auditing firms, explain the reality.
Regarding the 20 largest MFIs with a micro-enterprise portfolio, Mibanco, Financiera Edyficar and Caja Arequipa, were the ones that stood out for the number of loans to micro-enterprises, unlike the 20 largest MFIs with a consumer portfolio that They were Crediscotia, Edpyme Efectiva, Mibanco, Caja Arequipa, Caja Trujillo, Caja Sullana, Caja Huancayo, Caja Piura and Financiera Edyficar.
But what is the challenge for the microfinance industry in Peru? There are many challenges, the main one being to increase its presence in the rural sectors of the country. From this perspective, Fondesurco and the Caja Rural de Ahorro y Crédito “Señor de Luren” are considered by the Inter-American Development Bank as the MFIs with the highest growth, and Mibanco as the institution with the highest penetration.
Although it is true that the international financial crisis has not had a major negative impact in Peru, precisely because of the fundamental role of small companies that cushioned the effects of it, there are microfinance institutions with greater amounts of deposits. Seven Peruvian organizations are considered among the twenty MFIs with the highest number of deposits, among which are: Crediscotia, Mibanco Caja Arequipa, Caja Cusco, Caja Trujillo, Caja Sullana and Caja Nuestra Gente.
Microfinance in Peru will always be the main tools so that the poor can have new opportunities for social development, and thus achieve a better quality of life.
