July 27, 20 - 11:02 am - LABS

Covid-19 pandemic accelerated financial inclusion in Colombia

During the Covid-19 pandemic in Colombia, there was a considerable increase in bank penetration, largely achieved by government subsidies, according to Asobancaria, the representative union of the Colombian financial sector, reported Portafolio.

The union said that with the Solidarity Income program some 1.25 million people were banked and it is estimated that there are 300,000 new ones banked by other cash transfer programs from the Colombian government.