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Although some goals do exist Financial inclusion, access to mass credit, closing the gender gap, open finance, financial education and promoting greater competition through the fintech sectorSome progress has been made in the “three rural issues” envisioned in the national development plan, but there are still gaps in its implementation due to factors such as economic slowdown, high interest rates and inflation.
(farther: National Insurance Fund suspends support for Ban100 loans).
One of the government’s goals is to make cheap financing mechanisms accessible to more vulnerable groups in the region, supported, where possible, by a National Guarantee Fund, whose model allows for guarantees of up to 90% through rediscounts not only with financial entities, but also with other types of non-financial entities.
The entity’s president, Javier Cuéllar, said that as of July 31, The government has provided guarantees for 1,267,205 loans totaling $33.47 billion during its tenureOf this, $2.69 billion has been invested in the mass economy (0 to 6 SMMLV) through 890,986 credits.
Similarly, it provided guarantees of $761.468 billion for 99,552 loans in the agriculture sector.This shows that less than a year after fully entering the backed lending market, it has already achieved success in this segment.”.
(Lea: 70% of Colombians turn to technology for financial rewards).
He said that through public-private agreements Credit can be provided to 1.9 million people who have never had a loan.
The proposal seeks to increase the credit inclusion index from 35.3% to 40%, which would be equivalent to providing about $6 billion in guaranteed credit to the mass economy.
The official added:We want to promote this public-private alliance, from the state we provide guarantees so that entities that provide credit reach those sectors that need us, from the private sector we seek to make their risk policies more flexible and reduce interest rates in all sectors of the economy”.
(Via: Loan portfolio declines despite higher volume of business and expenses).
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Finance Undersecretary Diego Guevarra believes that promoting the mass economy through credit is key because the sector covers commercial and non-commercial activities, from street commerce to the provision of basic services and unpaid care work, and revealed that institutions such as the National Council for the Mass Economy and the Technical Committee of the Department of Statistical Information System for the Mass Economy have begun to play a role in providing public policy advisory and formulation services.
In addition, he guaranteed To date, formal financing for the mass and community economy has recorded 1.4 million operations, mobilizing $11.2 billion in resources With the Creo program, the company has more than 18,000 engagements and $1.4 billion in resources.
(farther: Nubank to offer 13% interest rate in Colombia: Who will get it?).
One of the key players in the above government policy is Banco Agrario, whose president, Hernando Chica Zuccardi, said that the bank encourages entrepreneurs to carry out activities related to the popular and community economy, focusing on financial inclusion, with the goal of:Fight “trickling” by making it easier to get credit and subsidizing interest rates”.
Manager said From August 2022 to July this year, it has provided nearly $1.2 billion in irrigation resources to 299,539 beneficiariesThese mainly include small producers, rural women, rural youth, micro-entrepreneurs and solidarity groups.
An agreement between the public and private sectors could provide credit to 1.9 million people who have never had access to it
In this contexthighlighting 6,874 credits corresponding to Creo programs, valued at more than $16 billionwhich aims to provide financing and credit alternatives to Colombians who do not have access to formal sources of resources. Since August 2022, more than 110,000 new financial inclusion clients have been linked and have been able to start a credit history.
Jonathan Malagón, president of Asobancaria, assured that the government’s approach to the popular economy must be restored, making the instruments compatible with the private sector to provide the projected and established 1 million popular loans “Four times less than the minimum wageAnd said that according to the alliance, as of a month ago, 265,000 had been delivered, of which 250,000 were placed by banks.
(Lea: Financial firm Interactuar hopes to see more economic activity in the rest of the year).
Fintech industry seeks more inclusion
Gabriel Santos, president of Colombia Fintech, said The ecosystem will be able to supply products to 100,000 production units of the mass economy established in the development plan as a goal, but said without a regulatory framework the industry would not be able to comply.
The plan includes key provisions for the industry such as promoting green finance, innovative entrepreneurship, creating an open data plan, financial portability and instant payment interoperability, and seeks to continue to regulate and implement financial projects such as open finance, crypto regulation, and crowdfunding upgrades. But he said progress has been limited as penetration continues to decline.
He mentioned According to data collected from 13 digital wallets, the number of users will reach 54,634,939 by 2023.But to amplify these trends, regulation must advance and serve as a catalyst for innovation and consumer protection.
Holman Rodriguez Martinez
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