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Economic inclusion project brings 25 institutions together to promote savings, financial inclusion

LIMA, March 30, 2024 —The USAID/WOCCU Economic Inclusion Project [EIP] days ago joined local partners to host a Global Money Week event in Lima, Peru featuring 25 financial institutions, public and private entities, and NGOs that provided trainings, presentations and workshops to promote financial education and raise awareness about the importance of savings for local and migrant entrepreneurs.

“Savings play a crucial role in the daily lives of households, enabling investments in education and durable goods, and paving the way to a more prosperous and secure future,” said Oscar Guzman, Chief of Party for the Economic Inclusion Project. He said the figures show that there is still a long way to go.

He added: Globally, only 48 percent of the adult population saves money, and only 27 percent do so through financial institutions. Although 60 percent  of Peruvians save voluntarily, only 32 percent  do so within the formal financial system. By examining this data, we can better understand the financial needs and challenges of the population and design more effective policies and programs to promote responsible savings.”

Presented under the theme “Creating Opportunities for Success”, the Lima Saves financial fair also provided attendees with access to a wide range of financial products, including credit, loans and insurance.

The City of Lima’s Economic Development Management program co-hosted the event. Peru’s Superintendency of Banking, Insurance and Pension Funds also provided support and emphasized the importance these type of activities have in educating people and bringing financial institutions closer to populations that require support to get ahead, such as microentrepreneurs.

The Economic Inclusion Project  hosts a series of events each year during Global Money Week to help the public and financial institutions explore the ways everyone can play a role in strengthening a culture of accessible finance for all.

Launched in June 2020, the first phase of the EIP helped Venezuelan migrants and vulnerable local residents in Lima, Peru, and Quito and Guayaquil, Ecuador, achieve socioeconomic security by gaining greater access to financial products and services, entrepreneurship and employment programs, and services focused on the prevention of gender-based violence.

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