Peru: Microlenders to Grow Loans at 2-3 Times the Rate of Traditional Banks

Jul 2010
Peru, July, 14 2010 - Peru's microfinance association ASOMIF estimates that the sector will grow at a rate that is "two or three times" as fast as that of the traditional banking sector, ASOMIF manager Jorge Arias told BNamericas.

"I would say the microfinance sector is moving forward at a quicker pace," he said.

Arias said ASOMIF is still compiling growth figures for the first half of the year. However, as of end-April, the country's microfinance institutions saw their collective credit portfolio reach 16.6bn soles (US$5.86bn), up 19.3% compared to April 2009, according to ASOMIF figures.

In comparison, the credit portfolio of the banking sector as a whole grew by 9.73% in the same comparison.

Arias noted that for July, he expects microlenders to report credit portfolio growth of around 25% compared to the same month in 2009 on strong lending activity associated with a long national holiday, during which Peruvians usually increase consumption. Spending during last year's national holiday was muted due to the economic downturn.


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