The BBVA Microfinance Foundation has welcomed executives from different Peruvian microfinance institutions, who were attending ESAN University’s II International Program for Senior Management in Microfinance.
This gathering has given them the chance to take a closer look at the Foundation’s work, and how it contributes to the economic and social development of two million vulnerable entrepreneurs in Latin America.
The Madrid visit was part of the sessions organized by the university together with ESIC Business&Marketing School, and they met with the Foundation’s different teams, namely: Analysis & Research, Technology & Data, Impact Assessment & Strategic Development and Legal Advisory.
“It has been a great experience, given the richness of the concepts delivered. The Peruvian microfinance system is very much mirrored in what the Foundation does, but BBVAMF provides services globally, with an extraordinary effort to improve financial inclusion in Latin America”, highlighted Walter Leyva, Financial Project manager for ESAN University.
The executives expressed special interest in the digital innovation efforts of the Foundation, currently being developed in six MFIs and one which allows for its products and services to reach entrepreneurs wherever they are- helping them avoid unnecessary costs in travelling to the nearest branch office. The mobile app which is being used by all the credit officers in Colombia and Peru, allows for real time loan evaluations or business geolocalizations, even without internet connection. The app has a feature that allows for information to be stored and then automatically be synchronized with the banking core once connection is established.
In Peru, the BBVAMF operates through Finaciera Confianza and serves half a million people. In a country with various hard-to-reach areas, reaching its inhabitants to improve financial inclusion of vulnerable populations is one of the challenges faced by the microfinance sector. The Foundation supports the development of remote communities, where the work of credit officers is vital because they bring financial products and services nearer to the entrepreneurs who need them; all of this made possible by harnessing technological breakthroughs.
“The Foundation’s methodology and its way of delivering microfinance is a clear example of what institutions could do in Peru. I’d outline the Foundation’s mission and the fact that it finances enterprising activities. In countries where it operates, people clearly need this type of initiatives. Fostering financial inclusion is a commitment at a global level”, shared John Sarmiento, Sales manager for the consulting firm, Experian.