Fintech Americas, an organization that for the past eight years has been awarding companies, teams, and individuals that have made finance faster, more inclusive, and efficient in the Americas, recognized Bancóldex for promoting financial inclusion in Colombia through its ‘neocrédito’ platform.
Bancóldex received the silver award in the Financial Inclusion category during the eighth edition of the Financial Innovators in the Americas Awards in Miami during the Fintech Americas 2023 meeting, which brought together executives and leaders of the banking industry in the region.
If you want to read more about Bancóldex’s Neocrédito and why it received an award at the Fintech Americas meeting in Miami, download for free our companion app. The Born2Invest mobile app brings you the most important business news of the day so you can stay informed.
The Neocrédito platform was selected among hundreds of nominations from almost 20 countries
Bancóldex identified through studies that, although there is a high demand for credit from microenterprises, they face a number of difficulties when applying for it. The Bank decided to create an ecosystem in response to this problem, designing a 100% digital platform with 24/7 availability that today connects formal and informal micro-entrepreneurs throughout the country who require credit with different financial institutions that specialize in serving this segment.
The ultimate goal is to ensure that microentrepreneurs receive competitive credit offers by presenting a single standardized information and basic documentation, with the discretion to accept the one that best suits their needs.
To date, 23 financial partners have joined Neocrédito
The president of Bancóldex, Javier Díaz Fajardo, stated that the results of Neocrédito already make it a valuable ally of microentrepreneurs: “The platform has shown that with the active participation of the financial allies that accompany it, together with the transparency and reliability that comes with the administration of this by Bancóldex, it is possible for microentrepreneurs to have a plurality of credit offers, compare them and access credit under optimal conditions”.
The executive pointed out that “28% of the platform’s beneficiaries have obtained formal credit for the first time, 78% of the terms granted range between 24 and 48 months and 42% of the disbursements have had rates below 26%, which has allowed micro-entrepreneurs to connect with a competitive financial offer to boost the growth of their businesses”.
To date, 23 financial partners have joined Neocrédito, including traditional banks, microcredit-oriented entities, Fintech Companies, Savings and Credit Cooperatives, and Foundations; more than 9,500 microentrepreneurs from 554 municipalities have registered and more than $2.9 billion in loans have been disbursed to this segment.
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First published in ECOS DEL COMBEIMA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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