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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 Classification

-

Total Cost

USD 7,000,000.00

Country Counterpart Financing

USD 5,000,000.00

Original Amount Approved

USD 2,000,000.00

Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
4684/MS-CO Non-Sovereign Guaranteed USD - United States Dollar MIF-Small Enterprise Investment Fund MIF Financing
Operation Number 4684/MS-CO
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: MIF-Small Enterprise Investment Fund
  • Financial Instrument: MIF Financing

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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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