May 26, 2024

Enterprise JM

Do the Business

Personal and business finances on the same BBVA app in Peru

SMEs, the foundation of the economy

Small and mid-sized enterprises drive the national economy. According to official figures, SMEs make up 99 percent of the businesses in Peru, create approximately 85 percent of all jobs and generate around 40 percent of the country’s GDP.

“SMEs are the foundation of growth in a country like Peru and the key to propelling the economic recovery. Entrepreneurs today are constantly evolving and looking for new ways to grow, expand their offering and their markets. In order to achieve this, they need allies. We want to become the bank for SME,” Paz-López said.

Digital solutions

The support of the banking sector is fundamental to SMEs’ recovery, with appropriate products to finance their new initiatives. The health crisis also made digital solutions more necessary than ever before to expand businesses and meet the new demands from consumers and the market. 

For example, over 2.7 million BBVA users turned to the bank’s app for their queries and financial operations. This represents growth of more than 150 percent compared to the period prior to the pandemic.

“We feel it is necessary and timely to give entrepreneurs more digital tools to easily manage their finances for their businesses. We know that Peruvians increasingly prefer to manage their businesses from their cell phones. For this reason, we always aim to be one step ahead in the digital transformation,” the executive maintained.

A boost for the sector

According to BBVA Research forecasts in July, the Peruvian economy is expected to grow approximately 9.0 percent in 2021 and 4.3 percent in 2022, directly impacting the SME sector, which is forecasted to grow up to six percent next year. 

Under this premise, Paz-López also stressed the need to promote collaborative initiatives in the sector for the segment’s benefit. “We hope that with innovations of this kind, more financial institutions will get on board and improve their offering for SMEs. This way we can all contribute to the development of small businesses and help to build a better country,” he indicated.

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