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Financial Inclusion in Colombia: Key Takeaways

Colombia has made significant strides in improving access to financial services for its population. However, despite this progress, there are still several areas where improvements can be made.

Access to Financial Services

Transaction Accounts

As of March 2021, 87.5% of the adult population had at least one deposit account, with a significant number having savings accounts:

• 28.4 million individuals have savings accounts.
• Electronic deposits show strong growth, increasing by 15 percentage points in 2020 alone.

Limited Usage of Digital Payments

Despite the growth in electronic deposits, digital payments remain limited, resulting in a “cash-heavy” economy:

• 88% of small day-to-day transactions are paid in cash.
• The use of transaction accounts for digital payments is still lagging behind.

Card Transactions and Electronic Payment Acceptance

While there has been some progress in card transactions, moderate usage remains a challenge:

• Debit transactions per capita: 9 (compared to Mexico: 23, Brazil: 52)
• Credit transactions per capita: 7 (compared to Mexico: 9, Brazil: 48)

In addition, limited acceptance of electronic payments is another hurdle:

• Only 40% of drugstores and hardware stores accept electronic payment instruments.
• 90% of hypermarkets and service stations do.

Conclusion

While there has been progress in increasing access to financial services in Colombia, there is still a long way to go in promoting digital payments and reducing reliance on cash. Further efforts are needed to address these challenges and promote greater financial inclusion for the population.