Colombia | Financial inclusion almost universal, but with challenges in credit inclusion

Summary

Banca de las Oportunidades recently published its 2023 financial inclusion report. According to the report, in 2023, Colombia reached almost universal financial inclusion. However, its credit inclusion is still low.

Key points

• Key points:
• According to the report, 7 out of every 20 adults (35.3%) had access to some credit product in 2023. Thus, there is still room to increase credit inclusion, with benefits for individuals, companies and the country. And even more for some groups whose credit inclusion is particularly low.
• In order to increase credit inclusion and financial deepening, within a responsible risk management, some measures may be important, such as those aimed to improve financial education; the adoption of open finance and open data schemes that allow deepening customer knowledge; massive access to digital payments through the implementation of the Immediate Payment System of Banco de la República as a gateway to other formal financial services such as credit; among others. In addition, public-private sector collaboration is fundamental and has already demonstrated its synergies.

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