Peru plans Open Banking framework to expand financial access by 2028

The Superintendencia de Banca, Seguros y AFP (SBS) is developing a regulatory framework for open banking in Peru to modernize the nation's financial system.

Sergio Espinosa, the head of the SBS, announced that the agency is currently publishing the first two blocks of a three part regulation. This framework aims to be complete between late 2026 and early 2027.

The goal is to begin exchanging information between financial entities in 2028 while gradually adding more banks and financial institutions to the network. The SBS is pursuing this initiative because a large portion of the Peruvian population remains underserved. While 72% of adults in Peru use a digital wallet, only 36% have accessed credit. This figure drops even lower for micro and small enterprises, where fewer than 30% of businesses have accessed credit.

The agency plans to use open banking to foster a more competitive and inclusive system that protects user data and ensures security. During a conference with the British Embassy in Lima, officials noted that the system will include both supervised and non supervised companies that meet specific safety and risk management standards. Su-Lin Garbett-Shiels, the British ambassador to Peru, stated that the UK experience shows how interoperability can create new opportunities for consumers and entrepreneurs.

The project focuses on building trust and creating conditions for sustainable growth through technological innovation.