Juancho Te Presta to Increase Commitment to Financing Education in Colombia

Fintech company Juancho Te Presta plans to keep its commitment to helping people in Colombia access credits.

School expenses are inevitable at the beginning of each new year. According to figures from the National Federation of Merchants (Fenalco), for 2023, specifically in the capital of Colombia and in Cundinamarca, a growth of 18% in school supplies was recorded, a representative increase that arises as a result of the rise in the dollar, inflation and the crisis linked to the shortage of raw materials.

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Thus, the average expenditure in this category is expected to be $350,000 pesos in materials, excluding books

Meanwhile, regarding enrollments and registrations in technical, technological, and university careers, the data presented by the National Administrative Department of Statistics (Dane), found that in 2022 there was a variation of 5.72% and, taking into account that inflation rates are not the best, since they are above 13.12%, it is most likely that during 2023 these data will continue to rise.

As a result, many people resort to applying for credit. And in that sense, different Colombian fintech companies, such as Juancho Te Presta, have sided with them as a financial solution by offering microcredit alternatives, in an easy, safe, and fast way, since people usually obtain the disbursement of the capital within a few hours of completing the procedure.

Juancho Te Presta will move 20,000 digital loans for $10 million this year

“In the last three years, from Juancho Te Presta we have managed to disburse about $3 billion pesos in loans to finance purchases and payments in the education sector, as expenses of this type, have various facets and range from families buying supplies for their children, to people who pay for a diploma or course to improve their professional profile,” said Juan Esteban Saldarriaga, CEO of Juancho Te Presta.

In addition, the entity assured that, for this year, it expects that the figure will amount to an average of $7 billion.

Under this ideal, more and more fintech companies are seeking to counteract problems such as desertion, as the company assures that there are several aspects related to education that require financing, so they try to provide support in sectors and aspects that other entities do not provide.

That is taking into account that since 2022 a maximum increase of 10.84% in tuition fees for public and private schools and universities has been established. According to official figures from the Student Enrollment System of the Ministry of Education (Simat), the percentage of students who reach the last year of high school is reduced to almost half of those who started their first grade of elementary school.

Looked at it another way, in 2012 about 534,178 young people graduated, a similar number of students who are in eighth grade in 2018, representing a loss of 194,917 students (26.73%) in four years.

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(Featured image by klimkin via Pixabay)

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First published in LR LA REPUBLICA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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