1.1 Million Colombians Joined the Formal Financial System in 2017

With another 1.1 million people securing some sort of financial product in 2017, roughly four out of five Colombians now are a part of the formal financial sector.

This figure represents an 11% uptick in the number of new entrants to the system over the previous year. Around 999,000 people secured financial products for the first time in 2016.

Savings accounts make up the highest percentage. More than three in four adult Colombians (75.6%) have a savings account.

About 15 million Colombians have a product based upon credit, including credit cards, home loans, car loans, microcredit, and other lending services.

The figures come from a recently released governmental report, “The 2017 Financial Inclusion Report,” prepared jointly by the nation’s top financial sector regulatory, the Financial Superintendence (Superfinanciera), and the Opportunities Bank, which is an investment program overseen by Bancoldex (Banco de Comercio Exterior).

Bogotá, the capital of Colombia, is the location with the highest adoption rate across all types of financial products at 96%.

Overall, people in cities have significantly more interaction with the financial system than those living in rural areas. Bridging that gap is a key challenge going forward, according to Juliana Álvarez, director of the Opportunities Bank.

(Photo: JESHOOTScom / Pixabay)