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Colombia, among countries that increased banking due to the pandemic

Colombia, among countries that increased banking due to the pandemic

Colombia was one of the countries Latin America which increased the most banking of adults due to effects of covid-19 pandemic and the strategies implemented for the delivery of subsidies to the population outside the system.

(See: Why banking is necessary in small and medium mining).

This was pointed out by world Bank in his new report Global Findex 2021, delivered every three years. For this edition, the entity pointed out that Colombia has 60% of its population banked, a figure that has been growing since deliveries in 2014 (39%) and 2017 (46%).

In the case of the country, for the 2021 edition, 38% of the banked population only have an account in a banking institution, 18% have a financial institution account and a mobile account, while 4% only have a mobile account. .

When speaking of the region, the World Bank highlights that Latin America and the Caribbean registered an increase of 18 percentage points in the holding bank accounts since 2017, the largest increase of all developing regions, with 73% of the adult population having an account.

(See: ‘Reaching the lower strata we do a lot of banking’).

Digital payments were also of key importance, with 40% of adults making digital payments to retailers, including 14% of adults making such transactions for the first time during the pandemic.

(See: Bancarization, the challenge of the miners to formalize).

The digital revolution has catalyzed increases in the access and use of financial services around the world, which has meant a transformation in the ways in which people make and receive payments, take out loans and save”, said David Malpass, president of the World Bank Group.

(See: Mining banking law approved: what are its benefits).


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