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Peru's Mibanco signs deal expanding correspondent banking reach

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Peru's Mibanco signs deal expanding correspondent banking reach

Peru's Mibanco Banco de la Microempresa SA has signed a partnership deal with Kasnet's agent administrator, Globokas Perú, to give its customers access to the latter's network of more than 6,000 agents, El Comercio reported.

The alliance will let Mibanco's customers withdraw money, make deposits and pay credit installments across the Kasnet agent network located in the city of Lima and the country's most densely populated provinces.

"Mibanco has become the bank with the country's largest correspondent agent network by adding more than 15,000 points of service," Globokas said in the report.

Kasnet has the largest network of ATM correspondent banking agents in Peru and presently works with 17 Peruvian financial entities, the publication noted.