32% of Colombians Are Still Not Included in the Financial System

Digitalization will allow more than 27% of Colombians to access credit cards in Colombia given that new credit issuers such as Nubank have emerged, come on! and Ualá, among others that allow banking to be digitized, thanks to this, digital wallets doubled their use.

In an increasingly digitalized world, access to financial services is essential for participation in the modern economy. According to figures from the latest Credicorp Financial Inclusion Index, 32% of Colombians are poorly included in the financial system, in addition to having no knowledge of the system and low ownership of products. There is then a notable drop in terms of presence in the financial system.

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In this context, new credit issuers such as Nubank, come on! and Ualá have emerged, which allow access to financial services for more Colombians

According to the report, 61% of Colombians use digital wallets and, in Colombia Fintech, in the country 76% of the population that uses financial services does so through fintech solutions. These digital banks do not ask for so many requirements, understanding that the new generations need initial support to later be able to access better credits. Furthermore, according to union figures, only 27.3% of Colombians have a credit card.

“More than 70% of Colombians does not have credit products because many do not meet the entities’ requirements. However, as specialists in core credit cards, we have seen that new digital issuers have made credit penetration reach 45%, according to Colombia Fintech. From our expertise we show that new generations are looking for other alternatives that can more easily provide them with credit to build their financial future,” said Verónica Crisafulli, CEO and founder of MO Credit Management Platform.

In the midst of this reality, fintech credit issuers are emerging strongly, transforming the financial landscape with innovative and accessible solutions. These companies use technology to offer a wide range of financial services, including credit cards, quickly, efficiently and transparently.

Fintech companies are playing a crucial role in bridging the financial services access gap by providing alternatives to traditional credit card issuance models. Its customer-centric approach and agility in adopting innovative technologies are democratizing access to credit and empowering individuals who may have previously been excluded from the financial system.

«The emergence of fintech credit issuers represents an exciting opportunity to improve financial inclusion in Colombia. These companies are challenging the daily development of credit and offering solutions that better adapt to the needs and preferences of an increasingly diverse and digitalized population,” concluded the CEO of MO Credit Management Platform.

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

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