The first ten districts to benefit from this innovation are in the Peruvian departments of Apurímac, Ayacucho, Cajamarca, Huánuco, Puno and San Martín.

Financial education is one of the biggest problems in Peru, as 41% of the population lacks financial skills, according to the SBS and CAF. In addition, banking is a challenge, with only 54% of Peruvians in the urban sector banked and only 51.9% with accounts in the financial system, according to IPSOS and INEI.

Aware of this situation, Bitel has launched BiPay, its platform that begins an innovation pilot with digital money issued by the Central Reserve Bank of Peru (BCRP). This digital money, which will be distributed to end users through BiPay, will facilitate payments in unbanked rural areas, thus promoting financial inclusion. This digital money is equivalent to physical money, allowing payments and transfers to be made with the aim of replacing cash.

“This system is part of our commitment to provide an accessible platform for the unbanked sector. At Bitel, we aim to become a key player in the Peruvian financial ecosystem, contributing to the country's development with innovative technological solutions,” said Anh Duc Pham, CEO of Bitel.

The first ten Peruvian districts that will benefit from this innovation belong to the departments of Apurímac, Ayacucho, Cajamarca, Huánuco, Puno and San Martín. With the implementation of BiPay, users will be able to use the extensive network of more than 30,000 physical agents throughout the country, making it easier for customers to carry out their financial transactions in an accessible way.

Along these lines, Bitel participated in the International Microfinance Seminar (SIM) in Piura, where experts and entities from the sector met to share tools and advice to strengthen the financial market. Andrea Álvarez, from the Fintech Department, was a spokesperson on the panel “Payment methods as accelerators of financial inclusion,” where it was highlighted that digital tools allow low-income people to carry out financial transactions safely, promoting savings, access to credit and inclusive economic development.

The lack of banking access in Peru is aggravated by the distance between agents and customers, as well as by limited internet access. Through BiPay, Bitel seeks to achieve a digital transformation that adapts to the specific needs of each region, thus driving a positive change in the financial landscape of the Andean country.