CAF supports the dissemination of financial culture among Peruvian youths

(Lima, June 11^th, 2014).- CAF , Development Bank of Latin America, will finance the execution of a project to promote financial culture for Peruvian youths between fourteen and eighteen years old, in the areas of influence of the Cajas Municipales, focused on the accessibility of baking services for the future entrepreneurs of the country. 

The purpose of the project, which will be implemented thanks to a technical cooperation agreement subscribed with the Federación Peruana de Cajas Municipales de Ahorro y Crédito (FEPCMAC), is to generate spaces and material for the youths' self-education under an innovative ecosystem that includes the use of social networks, contents sent through SMS messages, and radio shows, as well as materials for teachers and parents. 

Eleonora Silva Pardo, CAF's Director Representative in Peru, stated that "Peru still registers a significant lack of mechanisms for formal savings in remote areas of the national territory, which leads the lower income populations to hand over their savings to informal systems or to keep them in cash, exposing them to theft and extortion. For this reason, with this project promoted by CAF and the FEPCMAC, we provide opportunities so that Peruvian youths can access financial culture programs, helping to generate resources that have positive effects on their education, health, and support for their families".   

Silva Pardo mentioned that this is the second initiative of this type promoted by CAF in the country, as with a similar technical cooperation granted in 2012 to FEPCMAC, successful work was carried out in a financial culture training project emphasizing micro savings, focused on youths in rural areas, which served as a basis for the development of savings products with specific characteristics for that segment.