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Colombia is a world leader in financial inclusion

“The Economist” released the results of its ranking of financial inclusion of the world’s economies. In this poll, Colombia ranked, for the third time in a row, at the top of the list with a score of 82 out of 100. This latest report, which assesses the enabling environment for financial inclusion in five categories and 55 countries, also included countries’ financial response to the crisis caused by the COVID-19 pandemic.

In Latin America, Colombia had the same score as Peru, with 82 points out of 100. Then Uruguay was located, with 78; and Argentina and Mexico in fourth place, with 74 points.

One of the points highlighted by “The Economist” about Colombia was its actions to deal with the pandemic with transfers of funds such as Families and Youth in Action and Colombia Mayor, which increased electronic payments.

They also emphasized that in April, the Government created Solidarity Income (IS) to reach an additional layer of the low-income population. “By July 2020, IS had benefited 1.2 million previously unbanked households. The government loan guarantee program established in April was available to any company, but was aimed at benefiting small and medium-sized enterprises (SMEs) and micro-enterprises, with a guarantee of up to 60% of loans from banks and non-banks,” they explained.

Colombia excelled in products and outlets and consumer protection, with 93 points in both categories and in Government and policy support, with 90. In stability and integrity, it scored 82 points, and 78 points in infrastructure.

“The report prepared by The Economist highlights the rapid action of economic authorities to provide liquidity, take steps to protect financial consumers and maintain credit flows with government guarantees to businesses,” the Financial Superintendency concluded.

Posted in latin america

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