Credicorp highlights efforts to include millions into Peru's formal financial system

Credicorp, a prominent financial holding company in Peru, recently released its sustainability report highlighting significant strides in financial inclusion and sustainable finance. In 2024, the company facilitated the entry of 541,000 individuals into the formal financial system through loans granted via Yape.

From 2020 to 2024, Credicorp successfully included 5.7 million people in Peru's formal financial sector. This was primarily achieved through initiatives by Yape and BCP, focusing on mobile app enrollment and savings account openings. Notably, half of those financially included during this period were women.

"Through Credicorp’s Financial Inclusion Index, we monitor progress in this area. For example, we identified that 28% of the Peruvian adult population is at the advanced level of financial inclusion," stated Darice Gubbins, Credicorp’s Sustainability Leader.

Mibanco also played a role by banking over 58,000 people in 2024, with women constituting 62% of this demographic. Additionally, Pacífico issued more than 3.6 million inclusive insurance policies last year.

In terms of financial education, BCP's programs aided over 345,000 clients in improving their financial behavior. Meanwhile, Yape trained more than 165,000 individuals in personal finance and small business management.

"Our financial education programs seek to encourage individuals...to adopt increasingly healthy financial behaviors," highlighted Darice Gubbins.

Credicorp has also been active in promoting sustainable finance. In 2024 alone, it disbursed over US$1.5 billion in sustainable loans through BCP and provided a US$100 million Sustainability Linked Loan to a mining company for operations development.

The group has expanded its carbon footprint measurement across key portfolios and published its second Task Force on Climate-related Financial Disclosures report showing a notable reduction in net emissions since 2022.

“Our sustainability strategy is supported by strong corporate governance,” commented Darice Gubbins regarding the integration of sustainability into Credicorp's broader strategy.

The full sustainability report is available for further details about these initiatives and outcomes.