Digital Financial Services in an Ecosystem of Inclusion

The overall objective of this project is to create a digital financial solution focused on providing simple and flexible low-cost financial products (nano-credits and nano-insurance), and to create a payment ecosystem that allows unbanked people to manage all their money from their cell phones. Thus achieving visibility and being the first contact with the financial system. The purpose is to give people visibility, so that they can access formal financial products in an easy and fast way; with the objective of breaking cycles of poverty that in Colombia are accentuated through the so-called drop-by-drop credits or lenders, who have high interest rates, mostly 1% daily which equals a very high effective annual.

Project Detail

Country

Colombia

Project Number

CO-L1239

Approval Date

November 26, 2018

Project Status

Cancelled

Project Type

Loan Operation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL INCLUSION

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

Facility Type

Environmental and Social Impact Category (ESIC)

Total Cost

USD 7,000,000.00

Country Counterpart Financing

USD 5,000,000.00

Original Amount Approved

USD 2,000,000.00

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Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-1495538768-2

Donors Memorandum

CO-T1489 - CO-L1239 - Resumen del proyecto.pdf

Oct. 06, 2020

English

https://www.iadb.org/document.cfm?id=EZSHARE-1495538768-3

Donors Memorandum

CO-T1489 - CO-L1239 - Project summary.pdf

Oct. 06, 2020

English

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