BBVA Mexico’s Call for Integrated Digital Economy
BBVA Mexico has emphasized the need to fully digitalize the country’s economy and collaboratively reduce cash usage, according to Eduardo Osuna, the bank’s vice president and general director, speaking at the Third BBVA Sustainability and Economic Development 2025 Summit.
The Need for Coordinated Efforts
Osuna highlighted that achieving this goal requires a decisive and coordinated effort from the government, authorities, businesses, and civil society. He stated, “Only by combating cash can we generate real inclusion at scale, with impact and long-term vision.”
Financial Inclusion and Social Aspects of Sustainability
Osuna explained that discussing sustainability also involves addressing financial and social inclusion. He pointed out that 30 million Mexicans still lack bank accounts, while over 90% own a cell phone. Moreover, more than 54% of the population works in informal jobs, which is closely linked to low productivity, low wages, and higher poverty levels.
Progress in Financial Inclusion Initiatives
Despite the existing financial infrastructure, Osuna noted that people avoid banking due to a preference for informality and lack of traceability. In response, BBVA has introduced various initiatives, such as a 100% digital and free account, point-of-sale terminals for microbusinesses, and digital payment tools like CoDi and DiMo.
- In 2024 alone, BBVA opened over 2.9 million free digital accounts.
- Approximately 20% of the current cards issued go to individuals with no banking history, demonstrating the transformative potential of these efforts.
However, Osuna acknowledged that the challenge remains significant, as other developing countries have made more progress due to stronger measures like mandatory actions and incentives.
Plan Mexico as a Potential Turning Point
Osuna believes that the Plan Mexico, introduced by the Federal Government earlier this year, could be a crucial turning point. Its objectives include reducing inequality and eradicating poverty, aligning with BBVA Mexico’s priorities of digitalizing the economy, promoting financial inclusion, and supporting small and medium-sized enterprises (SMEs).
Bancarization for Increased SME Credit
Regarding providing more credit to SMEs, a key strategy in Plan Mexico, Osuna stressed the necessity of bancarizing these businesses first. He explained, “Without bancarization, it’s impossible to extend credit to them. We need the right incentives, such as tax benefits and reduced social burdens on their employees.”
Osuna emphasized that the ultimate goal should be bancarizing and formalizing SME employees, who constitute 55% of the Mexican workforce in the informal sector.
