Colombia | Large improvements in financial inclusion but wide gaps persist

Summary

In 2022, 34.7 million adults had at least one formal financial product in Colombia. This is more than fourteen million more than in 2012. With this, in the last decade, the percentage of adults with some financial product increased from 67.2% to 92.3%.

Key points

• Key points:
• Recently, the pandemic has significantly boosted financial inclusion, as well as financial digitisation, partly explained by the need to distribute aid to the most vulnerable. The pandemic highlighted the importance of financial inclusion, but financial inclusion goes much further.
• Despite progress in financial inclusion, large access gaps persist between population groups: to the detriment of the rural population, women and young people between 26 and 40 years old, among others. Moreover, only 36.2% of adults in Colombia have access to any credit product and 15.8% of microenterprises do so.

Geographies

Topics

Tags