facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis

Colombia Leads The Global Financial Inclusion Microscope For 2nd Straight Year

Posted On November 5, 2019
By : Loren Moss
Comment: Off
Tag: argentina, argentine central bank, bill and melinda gates foundation, cameroon, center for financial inclusion of action, colombia, costa rica, dominican republic, economist intelligence unit, el salvador, foromic, global microscope, global microscope 2019, iadb, idb, IDB Invest, IDB LAB, latin america, mexico, peru, republica dominicana, uruguay

 Colombia, Peru, Uruguay and Mexico lead the ranking of the Global Microscope on the environment for financial inclusion, an index that focuses on regulation, political strategies, and infrastructure to address this issue. In these four countries, financial inclusion is a priority and incorporates digital approaches. While Colombia and Mexico lead public policy and consumer protection categories, Uruguay and Peru stand out in stability and financial integrity. In addition, Argentina, Costa Rica and Uruguay occupy the top positions in the field of infrastructure, which confirms for the second consecutive year, Latin America’s leadership in the field.

In its 2019 edition, the Global Microscope analyzes the regulation and policies used by governments and regulatory bodies of 55 emerging countries to improve financial inclusion among their populations. New this year, the study incorporates 11 indicators that assess how governments face the gender gap in terms of financial inclusion. The main findings were presented at FOROMIC 2019 , the leading event in Latin America and the Caribbean on issues related to financial inclusion.

Colombia is the nation that leads the ranking and stands out for the formal adoption of a regulatory environment for tests of financial innovations (regulatory sandbox), which began this past May, and adds to other regulations approved in 2018 for collective financing and bank investments in Fintech companies.

The 2019 Microscope shows that Costa Rica, Argentina and El Salvador presented the most significant ascents in the region. Costa Rica and Argentina have issued financial inclusion strategies. The Argentine Central Bank approved regulations that allowed the creation of agent networks, one of the main areas of improvement identified in previous editions of this index. Meanwhile, El Salvador is working on the creation of a supervisory framework for digital payments. Brazil’s position is also noteworthy for reducing its requirements for opening electronic money accounts, and remains as the digital transactions’ leader in the region.

The Dominican Republic, together with Uruguay, joins the list of countries with data protection and cybersecurity laws in response to the challenges of the digital age. The Caribbean state approved cybersecurity regulations that apply to all financial institutions, and has begun to address regulations for the promotion and use of financial technologies, through a public-private team that collaborates in the promotion of mechanisms such as digital payments. For its part, the government of Uruguay issued in October 2018 a data protection law applicable to database owners and data processors in all economic sectors.

The 11 new indicators to assess the role of women in financial inclusion reveal that there are no legal requirements differentiated by gender in the countries evaluated, with the exception of Cameroon. However, collecting data on the use of financial services by women remains a pending issue for most governments. Only one third of the countries analyzed include a gender approach in their financial inclusion strategies, and a minority have established clear gender-related objectives as part of these strategies. Practical impediments, such as access to identification, connectivity and mobile phones, limit women’s ability to take advantage of the growing digital channels for financial inclusion.

The Global Microscope is prepared by The Economist Intelligence Unit (EIU), with financial support from the Bill and Melinda Gates Foundation, the Center for Financial Inclusion of Action, IDB Invest and IDB Lab. First published in 2007, it is the global standard for the analysis of the environment for financial inclusion in developing countries. For more information, download the Global Microscope 2019 at https://digital-iadb.lpages.co/idb-invest-global-microscope-2019/

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • Email
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

US, Colombian Governments Sign Cooperation Pact To Benefit Afrocolombians, US HBCUs

Next Story

Analysis: What does Colombia’s “Day of Rage” mean for Business & Politics?

Related Posts

Photo courtesy Habi
0

Colombian Proptech Habi Raises $75 Million USD In Additional Debt

Posted On July 23, 2022
, By Loren Moss
Department for International Trade Colombia
0

Colombia UK Post-Brexit Bilateral Trade Agreement Goes Into Force

Posted On July 23, 2022
, By Loren Moss
Lilian Perea, CEO of Bayport Colombia.
0

Bayport Colombia Closes On $25 Million USD Credit Facility With Citibank

Posted On July 19, 2022
, By Loren Moss




Search

RECENT

POPULAR

COMMENTS

Nancy Gonzalez

Colombian Fashion Designer Faces 25 Years In Prison For Smuggling Purses Made From Wild Animals To The US

Posted On July 24, 2022
Photo courtesy Habi

Colombian Proptech Habi Raises $75 Million USD In Additional Debt

Posted On July 23, 2022
Department for International Trade Colombia

Colombia UK Post-Brexit Bilateral Trade Agreement Goes Into Force

Posted On July 23, 2022
Lilian Perea, CEO of Bayport Colombia.

Bayport Colombia Closes On $25 Million USD Credit Facility With Citibank

Posted On July 19, 2022
Tigo speed reading outside of Medellín

Colombia's Median Broadband Internet Speeds Mediocre, Mobile Speeds Poor For South America

Posted On July 19, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020
Reason Foundation's Daniel Raisbeck

The Reason Foundation's Daniel Raisbeck On What Peru's Election Can Tell Us About Economic Liberty In Colombia & Latin America

Posted On June 13, 2021

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] FDA) and selling these...

Posted On July 14, 2022

[…] Colombia started its...

Posted On June 29, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

Nancy Gonzalez

Colombian Fashion Designer Faces 25 Years In Prison For Smuggling Purses Made From Wild Animals To The US

Posted On July 24, 2022
Photo courtesy Habi

Colombian Proptech Habi Raises $75 Million USD In Additional Debt

Posted On July 23, 2022
Department for International Trade Colombia

Colombia UK Post-Brexit Bilateral Trade Agreement Goes Into Force

Posted On July 23, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] FDA) and selling these...

Posted On July 14, 2022

[…] Colombia started its...

Posted On June 29, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Checkout
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Order Confirmation
  • Order Failed
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
WhatsApp us