The newest “Financial Inclusion” law enacted by Manuel Santos, President of Colombia, is beginning to take effect. The goal of the law is to create greater availability and encourage increased usage of non-cash based transactions in the country’s low-income population. The result is more than 20 million Colombians (representing almost 40% of the total population) are gaining access to financial products and services, whereas they were previously “unbanked.”
The law for Sociedades Especializadas en Depósitos y Pagos Electrónicos (Specialized Electronic Deposit and Payment Institutions), which was passed in October 2014, opens up the digital financial service market to non-bank competitors, such as postal service offices, mobile network operators and other deposit-taking licensed entities, supporting three critical areas: Digital Payments, Credit Services and Savings.
TAS Group has already identified several opportunities, customers and partners in the Colombian market to further President Santos’ economic development and growth initiatives through key products and services from our CASHLESS 3.0 and LoanBox solutions, with special focus on mobile access to reach end consumers in non-urban areas of the country where the majority of bank-led options have not reached.
Stay tuned for more exciting updates on this topic over the next few months…
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CASHLESS 3.0: http://www.tasgroup.eu/solutions/cashless-world