The Banca de las Oportunidades [Bank of Opportunities] and the Colombian Financial Authority have published their sixth Financial Inclusion Report. This sets the principal financial inclusion indicators that measure penetration, the proportion of individuals and enterprises possessing financial products, the dynamics of savings, credit and insurance products, an analysis of transaction channels and progress made in the area of financial consumer protection.

This document acknowledges the critical importance of access to digital payment systems and access to formal financial services in reducing poverty and working towards gender equality, and their part in improving people’s skills, particularly in the case of women.

It highlights the importance of the public policies for financial inclusion that countries need, so that they can identify the transformations and challenges that financial systems must deal with.

To this end, in 2016 the Government of Colombia created its National Financial Inclusion Strategy, prioritising four key areas: (i) raising the use of formal financial products and services and online transactions, (ii) deepening financial inclusion (access and use) among the rural population, (iii) developing alternative financing mechanisms for small and medium sized enterprises (SMEs) and (iv) designing and setting up the National Economic and Financial Literacy Strategy.

The report analyses access to and use of financial services, consumer protection, savings, remittances and insurance in Colombia between 2010 and 2016.

Read the report clicking here.