Low-income Colombians can save

29 October 2014
  • On World Savings Day –which takes place every 31 October– Bancamía takes stock of its positive contribution to raising awareness among Colombians at the base of the economic pyramid with regard to the need to save for future expenses as a means of tackling uncertainty.
  • 92% of Bancamía’s total customers have a savings account with an average balance of $130,000.

31 October is World Savings Day, and Bancamía contributes to this commemoration by dispelling one of the myths about saving in Colombia: low-income citizens are able to save if they have the support of a financial institution which offers products and services whose characteristics enable easy access for all.

98% of Bancamía customers belong to strata 1, 2 and 3, and a majority are entrepreneurs who start their business and then seek economic development through Responsible Productive Finance. This model is designed to generate income at the base of the economic pyramid, and aims to produce surpluses to enable these customers to save and improve their assets.

In this scenario, Bancamía has promoted the opening of savings accounts starting with $10,000, without any associated cost, and where national deposits are totally free. It has also designed a product to support its customers in the form of a savings plan that rewards their continued relationship with the bank and awards added interest in recognition of their savings habit. Another option is to open a Fixed-Term Deposit Certificate (CDT) from $50,000, in which specific periods can be defined, and offering very favorable rates.

Women represent 53.8% of Bancamía customers with a savings product. Over 15,000 minors have also started saving in the bank. This goal of incentivising a savings culture by encouraging financial literacy and offering products within range of all individuals has also had another positive result: 2014 saw a 15.7% rise in savings account balances. Currently 92% of Bancamía’s total customers have a savings account with the bank, with an average balance of $130,000.