Why don’t Peruvian MYPES reach the Stock Market? The challenge of democratising capital markets

Betsy Ruth Palomino Achulla, Deputy Legal & Compliance Manager
BNB Valores Perú S.A. Sociedad Agente de Bolsa, breaks down why Peru’s micro and small enterprises remain locked out of capital markets and what must change for true financial democratisation.

In Peru, MYPES (micro and small enterprises) are the driving force of the economy. They represent over 99% of formal businesses and generate the majority of employment. Yet, they remain invisible in the capital markets.

Why?

Because the financial and regulatory system is not designed for them.

The Stock Exchange, with its technical language and transparency requirements, resembles an exclusive club where only large corporations are admitted. The MAV (Mercado Alternativo de Valores), which was intended to serve as an entry point for medium-sized enterprises, has not performed as expected.

The reason?

There simply aren’t enough medium-sized businesses. Peru is filled with microenterprises, many of which operate informally and are unable to meet the system’s requirements.

And here lies the core issue: the lack of political and regulatory will to adapt the capital market to Peru’s economic reality. While the Ministry of Production classifies MYPES based on the number of employees and annual turnover, the SBS (Superintendencia de Banca, Seguros y AFP) uses debt levels as its benchmark, without considering the multiple definitions used by other government bodies. This conceptual disparity makes it difficult to design coherent and effective policies, as there is no clear consensus on what constitutes a MYPE in the country.

International organisations such as the BID (Inter-American Development Bank), the IMF and CAF have made efforts to support MYPES, but their resources are often diluted through financial intermediaries that fail to reach the businesses most in need.

And the State?

It remains trapped in bureaucracy.

There are solutions. Crowdfunding is already active in Peru, and FIBRAS could be adapted to include MYPES. However, for these ideas to materialise, more than good intentions are required: political will, regulatory innovation, and an inclusive vision of the capital market are essential. A nearby example is Colombia, where social funds and impact investment models have proven effective. If applied in Peru, these could be managed by private companies, allowing formalised MYPES that belong to associations or trade groups to access sustainable and appropriate sources of financing.

MYPES are a fundamental pillar of Peru’s economy, yet their access to capital markets remains limited. To democratise this market, it is essential to address the challenges of formalisation, standardisation and trust, while promoting innovative financing mechanisms. Only then can we ensure that MYPES, which generate most of the country’s employment, have the tools they need to access more funding, grow, and compete in an increasingly globalised market.

References:

– Ministerio de la Producción (PRODUCE). (2021). Datos del Registro Único de Contribuyentes (RUC): Empresas formales por segmento empresarial.
Retrieved from https://www.produce.gob.pe

– Palomino Achulla, B. R., otros (2023). Análisis de la problemática del financiamiento de inmuebles a través de Asociaciones con fines comerciales bajo un enfoque legal, tributario y financiero (Tesis de maestría). Universidad ESAN.
Retrieved from https://repositorio.esan.edu.pe

– Banco Interamericano de Desarrollo (BID). (2024). Decreto Supremo 104-2024-EF: Operación de endeudamiento externo entre la República del Perú y el BID.
Retrieved from https://spij.minjus.gob.pe/spij-ext-web/#/inicio

– Ministerio de la Producción (PRODUCE). (2023). Resolución de Dirección Ejecutiva N° 822-2023-PRODUCE/PROINNOVATE: Otorgamiento de subvenciones a beneficiarios.
Retrieved from https://spij.minjus.gob.pe/spij-ext-web/#/inicio

-NAB Colombia. Casos de éxito de inversión de impacto en Colombia.
Retrieved from https://nabcolombia.com/casosdeexito/

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