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Financial inclusion and the role of mobile banking in Colombia: developments and potential

Author

Listed:
  • Santiago FernAndez de Lis
  • Maria Claudia Llanes
  • Carlos Lopez-Moctezuma
  • Juan Carlos Rojas
  • David Tuesta

Abstract

Colombia has a low level of financial depth. Efforts have been made by governments and the private sector in recent years to encourage the development of models which might provide enhanced access to financial services. These financial inclusion plans are based on creating access channels that can reduce high transaction costs for agents. They use the high level of coverage available through mobile telephony, the gradual development of banking correspondents and regulatory modifications to provide easier access to financial services. Against this background, this work has a twofold objective: first, to analyse recent experiences in the regulatory field with respect to mobile banking in Colombia; and second, to explore the potential for greater development of these programs. The work uses microdata analysis for Colombia to confirm the gradual progress being made in the country, identifying the huge possibilities for promoting an even greater level of financial inclusion.

Suggested Citation

  • Santiago FernAndez de Lis & Maria Claudia Llanes & Carlos Lopez-Moctezuma & Juan Carlos Rojas & David Tuesta, 2014. "Financial inclusion and the role of mobile banking in Colombia: developments and potential," Working Papers 1404, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:1404
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    Citations

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    Cited by:

    1. E. Chuke Nwude & Nobis Donatus Igweoji & Sergius Nwannebuike Udeh, 2020. "The Role Of Electronic Banking As A Tool To Financial Inclusion In Nigeria," Noble International Journal of Business and Management Research, Noble Academic Publsiher, vol. 4(1), pages 01-08, January.
    2. Javier Alonso & Alfonso Arellano, 2015. "Heterogeneidad y difusion de la economia digital: el caso español," Working Papers 1528, BBVA Bank, Economic Research Department.
    3. Rocío Maehara & Luis Benites & Alvaro Talavera & Alejandro Aybar-Flores & Miguel Muñoz, 2024. "Predicting Financial Inclusion in Peru: Application of Machine Learning Algorithms," JRFM, MDPI, vol. 17(1), pages 1-25, January.

    More about this item

    Keywords

    Colombia; mobile banking; financial inclusion;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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