In its commitment with learning, and to improve financial inclusion in Latin America, BBVA Microfinance Foundation (BBVAMF) has held a workshop on corporate governance for board members and directors of financial institutions in Lima. “For the Foundation, good governance allows for an adequate and sustainable management of an organization, and it is key to comply with its social purpose”, shared Marta López, head of corporate governance in the Foundation.
For her part, Paloma del Val, the Foundation’s General Secretary and Director for Legal Advisory has explained how technology compels an organization to review decision-making processes and risk management. She also explained the advantages of incorporating digital tools within the supervisory body. “Technology is changing business models. Integrating them in corporate governance processes is a challenge, where the speed of change poses an important risk, but it’s also a great opportunity”, confirmed BBVAMF’s General Secretary. For this reason, she pointed out the importance of having a digital strategy, creating a corporate culture around it, and investing in new technical capacities, among others.
Technology is changing business models. Integrating them in corporate governance processes is a challenge, where the speed of change poses an important risk, but it’s also a great opportunity”
According to her, “a good corporate governance strategy that promotes an ethical management, that is also transparent and one that considers the challenges and opportunities brought about by technology, strengthen the confidence that clients need to approach a financial institution.” In fact, Global Findex says that almost one out of two adults in Latin America don’t have a bank account and the lack of confidence in the sector is one of the barriers that curb financial inclusion in the region.
Advancing good governance is one of the strategic focus of BBVAMF, who has taken a strong stand as a sector reference and one that contributes to its development so that more people could access financial services and progress with the support of strong institutions. Following this first session in Peru, the Foundation will also hold this workshop in Colombia, Dominican Republic and Panama.
BBVA Microfinance Foundation’s commitment to learning
Since its creation in 2007, the Foundation has trained 400 board members and directors of more than 230 microfinance institutions in Latin America and more than 1,600 people thanks to the Microfinance Specialists Training Program, in alliance with the Inter-American Development Bank and different prestigious universities in the region.
For the Foundation, its employees’ lifelong learning is a priority: approximately 1,500 people have been trained in its Microfinance Campus, which includes a digital platform containing more than 3,000 hours of training available.