BBVA Microfinance Foundation (BBVAMF) has been awarded for its contribution to SDG5 “Gender Equality” during the “go!ODS Awards”, where the Foundation was acknowledged for designing a specific and innovative strategy for the 1.2 million women it serves across five countries in Latin America. Aside from offering products and services that break barriers for women’s access to enterprising opportunities, the Foundation also uses social impact indicators segregated by gender, and at the same time, forms partnerships with leading development organizations to close gender gaps through training in digital tools, business management and access to support networks.
Among the financial products offered, the cancer insurance policy for the female entrepreneurs is the most innovative. Starting from 1 euro per month, it covers treatment or cosmetic surgery associated with breast cancer. This insurance is groundbreaking in the microfinance sector, and has just been launched in BBVAMF’s institution in Colombia, in partnership with Mapfre. Additionally, also available in Panama are services such as health care, psychological and legal aid, and preventive testing (mammograms, ultrasound scan or pap smear).
Through financial inclusion, BBVAMF boosts the economic independence of women entrepreneurs who face less opportunities to access employment. In its more than 12 years of activity, and thanks to its social impact assessment methodology, the Foundation has proven that even if women start a business with less assets and with smaller amounts of disbursed loans, their activities grow faster than those managed by men, and most of them cross the poverty threshold. Since the Sustainable Development Goals were approved in 2015, 8 out of 10 entrepreneurs who have abandoned poverty are women.
When we believe in them by facilitating their access to opportunities, their families’ well-being improves.”
According to the head of Women’s Empowerment in BBVAMF, Laura Fernández, “female entrepreneurs are much more vulnerable, almost half of them are heads of households. When we believe in them by facilitating their access to opportunities, their families’ well-being improves. They are the cornerstone of a country’s progress and supporting them is essential if we want to comply with the 2030 Agenda.”
2nd Edition of the go!ODS Awards
The “go!ODS Awards”, promoted by the Global Compact’s Spanish Network and Rafael del Pino Foundation, has received more than 200 nominations and has awarded 18 organizations, one for each SDG (2 in SDG 12), where other prominent institutions like Iberia, Mahou, San Miguel, Profuturo or the Polytechnic University of Madrid have also been acknowledged for their contribution to the Goals, along with BBVAMF. These awards select innovative Spanish initiatives in the private sector that encourage dialogue and collaboration among different sectors.