Colombia Establishes Itself as a Leader in Digital Financial Inclusion

According to the Colombia Tech Report 2023, over the past year, fintech in Colombia grew by 20%, highlighting the country’s crucial role in Latin America’s digital transformation and underscoring the importance of collaboration between the public and private sectors. to drive progress in the digital age.

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According to Colombia Fintech, 76% of the population that is active in the Colombian financial sector does so through fintech solutions

In the region, growth forecasts are positive since it is expected that, by 2025, the number of fintech users will increase to more than 300 million, according to the Statista firm. In this context, the Colombian population will have a leading role and will occupy an important percentage compared to other countries.

According to Daniel Materón, CEO of RapiCredit, a fintech dedicated to granting low-amount loans to populations underserved by the traditional financial system and those in strata 2 and 3, Colombia’s position, as a leader in the digitalization of financial services, reflects the country’s commitment with the innovation and new opportunities that the digital banking system can provide.

“We are proud to contribute to the development of a more accessible and efficient financial ecosystem for all Colombians, which increasingly covers a population that previously did not have access to banking services. This is boosting the economy and betting on the country’s financial inclusion. The adoption of technology is making it possible to offer more personalized services, mitigate risks and improve the security of transactions,” said Materón.

And, according to Colombia Fintech, 76% of the population that is active in the Colombian financial sector does so through fintech solutions, which translates into around 28 million people. In fact, there are already 346 entities that operate this type of services in the country, as stated by the same entity.

“With the growing adoption of cutting-edge technological solutions, Colombia has proven to be a pioneer in the implementation of modern financial practices, allowing the population to have access to financial services available to everyone, safer, more efficient and supported by the investment sector. ”, concluded Materón.

Colombia continues to experience rapid progress in the digitalization of its financial sector, with a comprehensive focus on the implementation of technologies and accessibility.

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(Featured image by  Random Institute via Unsplash)

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First published in LA NOTA ECONOMICA. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

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