Just a click away from entrepreneurs

21 February 2019 // Karessa Ramos

“We continue working for the future of entrepreneurs, in our determination to design services that contribute to their development, and in facilitating their interaction with our institution.” With these words the recently launched “Virtual Office” was presented by Miguel Ángel Charria, Executive President of Bancamía, the Colombian institution in the BBVA Microfinance Foundation.

This service channel is a turning point for microentrepreneurs served by the MFI, of whom 80% live under vulnerable conditions. Before the Virtual Office, clients were forced to travel to the nearest branch to pay off their loans, get bank statements and make transfers, among other transactions. Personally visiting the bank meant incurring in transport expenses but above all, the opportunity cost implicit in having to set their activities aside (business, workshop, crops, etc). This was particularly hard for the 44% of entrepreneurs who live in rural areas with limited access to transport services.

This digital service is user-friendly, reliable, and allows clients consult movements on their accounts, pay bills and generate online certifications securely, since it is a model that operates on high-quality web standards.

Available 24/7, this “Virtual Office” complements the 201 branches and mentoring provided by the institution’s more than three thousand employees. A step forward which, while not particularly new within the Colombian banking system, is an innovative way of driving microentrepreneurs’ progress, with a positive impact on their standards of living.