Grameen Foundation [to 2 July 2016]
http://www.grameenfoundation.org/news-events/press-room

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06/30/2016
Using Electronic Payments to Expand Financial Inclusion in Colombia
:: Government officials, NGOs and financial and technology companies convene to expand financial inclusion for rural poor
:: Experts highlight potential of digital technology to help meet crucial need for banking services among millions of small-scale farmers
government met today at the event “Taking Digital Payments to the Last Mile” to explore opportunities to expand electronic payments in the Colombian rural sector.

The aim is to accelerate efforts to enable farmers to use digital technology to access and use a broad range of financial services that can help them improve their livelihoods and their families’ lives.

”Financial exclusion limits growth and development in rural areas of Colombia. The problem lies in that a large part of this population does not rely on banking services. However, many of these people have a mobile phone, which has the potential to deliver financial services to reach this sector,” explained Marcela Carrasco, President of MasterCard for Colombia and Ecuador.

In Colombia more than 12 million of people depend on agriculture, of which only a minority are banked. In this context, the challenge consists of finding a viable channel for this population to access financial services, while ensuring comfort and confidence for users.

“Improving access to financial services in poor, rural communities is essential to reducing poverty and boosting Colombia’s economic growth. Colombia has made significant progress in expanding the use of digitally-based financial services in urban areas and must ensure that rural communities are part of that transformation, said Fernado Henao Velasaco, Grameen Foundation’s County Director for Colombia….