Asbanc, Peru’s national bank association, has chosen Ericsson to design and build what is claimed will be the country’s largest private initiative aimed at financial inclusion.
The aim is to deliver the underlying infrastructure over which financial services can be pitched to the country’s mobile users, most of whom do not have access to traditional bank accounts.
The platform will have a staged rollout but Asbanc wants to see services generally available in Peru during 2015.
Ericsson’s platform is intended to host services from different financial institutions and other companies in order to enable interoperability between rivals.
Asbanc wants the Ericsson platform to host services for 2.1 million unbanked Peruvians within five years. Adapted from Mobileworldlive
Other models that have been sucessfull includes the Mpesa mobile money system by Safaricom in Kenya.