New Financial Inclusion Innovation in Colombia: Electronic Deposits

Alliance for Financial Inclusion Blogs

María del Rosario Moreno Sánchez

Colombia is a prominent example of a country that has included financial inclusion as a priority in its national agenda since a very early stage. Indeed, in 2006, the Colombian government created a unique national agency that works with the financial sector and deals exclusively with financial inclusion and education—Banca de las Oportunidades. Moreover, Colombia approved many relevant policy and regulatory reforms focused on promoting a greater financial inclusion by using correspondent agents (municipal agents), and the use of mobile banking to deposit conditional cash transfers to social programs beneficiaries of “Famililas en Acción”.

Lately, on 21 October 2014, the Colombian Congress passed Law No. 1735 and created a new type of financial institution called Sociedades Especializadas en Depósitos y Pagos Electrónicos (Specialized Electronic Deposit and Payment Institutions). Sociedades are a new deposit-taking license entity that can be incorporated by a…

View original post 640 more words

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s