Economic Inclusion Project Brings 25 Institutions Together to Promote Savings, Financial Inclusion
Lima Saves financial fair hosted as part of Global Money Week
The USAID/WOCCU Economic Inclusion Project (EIP) joined local partners to host a March 21 Global Money Week event 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. “The figures show that there is still a long way to go. Globally, only 48% of the adult population saves money, and only 27% do so through financial institutions. Although 60% of Peruvians save voluntarily, only 32% 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 (EIP) 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. You can learn more about all those events on the EIP Facebook page.