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AmericasJuly 4 2018

Peruvian banks face digital challenge as cash appeal endures

A change of president and an uptick in GDP is cause for optimism in Peru. However, as the economy improves, the country’s banks face a challenge in prising citizens away from their traditional faith in cash. Silvia Pavoni reports.
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The excitement over Peru’s qualification to the FIFA World Cup finals was such that 43,583 tickets were snapped up by fans from the Andean country – which has a population of just over 30 million – to cheer on their team at the tournament in Russia. It was the first time Peru had qualified in more than three decades.

While the national football team’s progress ended in the group stages, Peruvians can take solace in their country’s economic prospects, as gross domestic product (GDP) growth has picked up again after a two-year slump. Both a reflection and a driver of Peru’s potential, the banking sector has also been gaining momentum, and Peru is also generating interest among foreign investors.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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