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"After receiving their remittance in Nequi, users can use the app to send money to other people, make digital and physical payments," said Maria del Pilar Correa of Nequi.

More than $4.6 billion USD in remittances entered Colombia last year — a 13.3% spike over 2014 and the second largest increase in Latin America.

According to a report released by the International Monetary Fund (IMF) and the Multilateral Investment Fund (MIF) Remittances to Latin America and the Caribbean Set a New Record High in 2014, the recordbreaking increase in remittances (money transfers) to Latin America reflects...