Banca de las Oportunidades

Transcription

1 Banca de las Oportunidades Colombian Financial Inclusion Policy Financing for development May 2017

2 Addis Ababa Action Agenda Financing for development Financial Inclusion Financial stability Financial and social inclusion Strengthening of institutions MFIs Cooperatives Development banks Mobil service operators Agents Innovation and new technologies Mobil financial services Digital platforms Financial and economic literacy programs Sharing knowledge and experiences among countries Development and implementation of national strategies Coordination among regulators to reduce barriers

3 Colombia leader on financial inclusion In 2016, Colombia was on the top given its proper environment to promote financial inclusion (Microscope and Financial and Digital Inclusion Project Report), why? Government long term commitment. Colombia has a public policy on financial inclusion since 2006 (Program BdO). Robust prudential standards for regulated financial institutions. Clear mechanisms on consumer protection and for solving complains against regulated financial institutions. Cutting edge regulation to bust financial inclusion.

4 Summary of regulation 1. Agents authorization (2006); in 2015, this channel was authorized to commercialize inclusive insurances. 2. Simplify requirements on KYC and AML, products with caps on total balances and monthly transactions value. Simplify saving accounts (CATS accounts in Spanish, 2008) Electronic deposits (2013) Low value insurances (2015) 3. Differential interest rates: Microcredit (2007) Low value credits up to USD 460 (2014) 4. New financial license specialized on transactional services (SEDPE in Spanish, 2015) 5. Financing mechanisms for SMEs Movable guarantees (2013) Factoring (2015) 6. Strengthening institutional arrangements around financial inclusion Inter institutional Commission for Financial Inclusion (2014), two new sub commissions: Rural and Fintech Inter institutional Commission for Financial and Economic Education (2015)

5 National Financial Inclusion Strategy Deepening financial inclusion in rural areas Promoting higher use of financial services Other topics Financing schemes for SMEs Development and implementation of a National financial and economic education strategy

6 National Financial and Economic Education Strategy Inter institutional dialogue and coordination Measuring, monitoring and evaluation X Formal education Productive age Vulnerable Small entrepreneurs Retirement Quality standards: contents and methodologies Articulation with other public policies

7 Work developed by BdO Supply Demand

8 Supply Increase financial coverage through: branches, agents and consultants on field Strengthening of institutions Methodologies transfer Products development Development of mobile financial services Annual and quarterly reports Special studies

9 Demand First and second demand side survey on FI. First demand side survey on insurances. Face to face to population and trainers Informal saving and credit groups (learning by doing) Massive through massive media From the idea conception, business planning, training to credit access Focused on Low value microcredit Offering coverage to fulfill the lack of collateral to small entrepreneurs

10 Results

11 Financial coverage New points of access 1,7% ,2% 19,6% Branches 2012 Agents POS ATMs 75,6%

12 dic-08 jun-09 dic-09 jun-10 dic-10 jun-11 dic-11 jun-12 dic-12 jun-13 dic-13 jun-14 dic-14 jun-15 dic-15 jun-16 dic-16 Financial Inclusion 80% 77,3% 75% 70% 73,9% 76,4% Gap 11% 65% 66,3% 60% 55,5% 61,8% 55% Financial intermediaries - %adults holding a product All institutions - %adults holding a product All institutions - %adults holding an active product

13 Usage 23,6 millions #Adults holding a saving account 70,9% %Adults holding a saving account 27,8% 72,2% %Adults with active saving accounts %Adults with dormant saving accounts

14 %Adults with saving products 60% 56,8% 40% 42,3% 39,3% 33,2% 20% 5,5% 10,7% 12,7% 10,8% 8,0% 9,1% 9,1% 8,7% 0% Cities Medium size municipalities Rural Scatter rural %Adults with saving accounts %Adults with electronic saving accounts %Adults with cellphone managed accounts

15 %Adults with credit products 60% 63,0% 40% 26,3% 20% 0% 6,9% Cities 4,6% 13,1% Medium size municipalities 19,3% 14,4% 14,8% 13,2% 1,1% 0,7% 0,5% Rural Scatter rural %Adults with microcredit %Adults with housing credit %Adults with consumption credit

16 Thanks