Banco de Bogotá to Grant $3.5 Million USD in Micro-loans in Early 2018 During Continuation of ‘Financial Inclusion Route’
Colombian bank Banco de Bogotá announced that it will continue its “route of financial inclusion” promotion tour in 2018 and hand out micro-loans of around $3.5 million USD (10.3 billion pesos) in the first two months of the year.
The initiative was kicked off in 2016 in a partnership with the United States Agency for International Development (USAID) and aims to sign up more “unbanked” Colombians for formal financial products and generally educate people about the various services offered by the Bogotá-based bank.
The “route” aspect of the campaign comes from the fact that Banco de Bogotá has been driving a bus around to rural areas of the country to reach people outside the population centers.
This second phase of the program, throughout the first quarter of 2018, will focus on the department of Antioquia, where two different vehicles will lead the campaign and help grant the nearly $3.5 million USD (10.3 billion pesos) in micro-loans that will average around $1,700 USD (5 million pesos).
In January, Banco de Bogotá has planned stops in Caucasia (January 11), Tarazá (January 18), and Valdivia (January 25). Then the following month, the buses will visit the following municipalities: Mutatá, Chigorodó, Carepa, Apartadó, Turbo, Necoclí, San Juan de Urabá, and San Pedro de Urabá.
Photo: Banco de Bogota’s “Route of Financial Inclusion” bus campaign. (Credit: Banco de Bogotá)