Banco de la Nación del Perú went live on Temenos Banking Cloud for a first phase of the implementation, which supported the opening of two million new digital accounts called Cuentas DNI. With Temenos’ scalable open platform, the bank plans to expand to 24 million accounts. Banco de la Nación del Perú represents the Peruvian government in financial transactions in both the public and private sectors, as well as at both domestic and international levels.
These accounts were created with the identification number (DNI) of each citizen, as part of the Yanapay Individual Economic Support program to provide government relief funds in response to the COVID-19 pandemic. Every Peruvian citizen, age 18 and older, with a DNI is automatically allocated a Cuentas DNI, fostering financial inclusion. Of the two million people who received a Cuentas DNI, more than 1.8 million previously did not have a bank account.
Banco de la Nación del Perú has approximately 570 branches, 60% of which are located in remote areas of the country. One of the bank’s key objectives is to promote financial inclusion through sustainable and modern business practices. Only 52% of adults in Peru have a bank account, according to data from the National Household Survey (ENAHO) and collected by the SBS.
In response to the pandemic, the Peruvian government has launched special programs to distribute funds to the most vulnerable populations, using Cuentas DNI, which has facilitated the payment of one of these bonds to millions of unbanked Peruvians.
Liliana Casafranca, account leader from Cuentas DNI at Banco de la Nación del Perú, said in a statement: “This is the beginning of Banco de la Nación’s modernization towards digital banking that will allow us to create more than 24 million accounts, and deliver financial inclusion to Peruvians. The challenge is to quickly develop enhancements that will encourage citizens to make greater use of their cellphones to carry out secure financial transactions, through Cuentas DNI.”
Enrique Ramos O’Reilly, managing director in Latin America and the Caribbean at Temenos, said in a statement: “Temenos open platform will enable Banco de la Nación to scale massively and handle millions of accounts in order to provide financial services for those currently operating outside the financial system.”