Colombia Promotes Financial Inclusion and Electronic Transactions

Colombia has been carrying out various measures that aim to promote financial inclusion through technological innovations. Worth mentioning the following initiatives:

The Financial Regulation Unit (URF acronym in Spanish), part of the Ministry of Finance of Colombia, has developed a white paper titled, “Financial Channels and Products”. This document proposes modifications to the regulatory framework for financial products and savings accounts, in order to improve the use of new technologies.

The Congress of the Republic is in discussions on Bill 109. Its principal objective is to reduce the use of cash money through the implementation of electronic It is expected that this way access limitations to financial products are overcome, financial inclusion is fomented, and technological and financial gaps are decreased.

For more information in Spanish, click here.