At the International Microfinance Seminar – SIM Arequipa 2026, the Superintendent of Banking, Insurance and AFP, Sergio Espinoza, rejected accusations of concentration in the Peruvian financial system. According to Espinoza, the competitive conditions among banks, municipal savings banks, and microfinance entities are optimal, dismissing claims from presidential candidates suggesting otherwise.
The SBS head emphasized that the real challenge in the microfinance market is the lack of access to financial information, which is currently held by large banks. “What is needed is not less regulation, but improved access to information so that they can compete better,” Espinoza stated. To address this inequality, the SBS promotes an open finance system that will allow the exchange of financial data between entities, with the customer’s consent. “The goal is to generate more competition, not restrict it,” the superintendent stressed.
Additionally, Espinoza highlighted that the Peruvian financial system is in constant evolution, with new licenses in process and entities interested in entering the market. This dynamism, according to him, reinforces competition and the ability of microfinance institutions to offer diverse financial products.
