The pandemic has accelerated banking onboarding among Colombians. According to La Republica, the country ended 2019 with an average of 28.9 million users of a financial product, which represented a bank penetration rate of 83.3%. Now the Banking and Financial Institutions Association (Asobancaria) and Banca de las Oportunidades says the number could increase to approximately 32.4 million Colombians and reach an index close to 87% by the end of the first semester of 2020.
Preliminary and projection figures from the union and the entity dictate that, until mid-May, 1.5 million people had already purchased a new product that gave them access to the system and that June would total 2 million new bank consumers.
Subsidy programs delivered by the government and territorial entities (which generated the opening of deposit products) boosted the numbers. “We have banked close to 1.5 million people, it has been an impressive figure and I believe that the bankarization goal figure that was established for the four-year term of this government has already been perfectly met. The projection we had was 85% and we are already at that level ”, commented the president of Asobancaria, Santiago Castro.