Bancolombia of Colombia was one of the institutions that won this year’s Inter-American Awards for Financial and Entrepreneurial Innovation for their excellent work in support of financial inclusion and business development in Latin America and the Caribbean.
Bancolombia was the winner in the sub-category “Regulated Financial Intermediaries” selected for its efficient use of digital technologies in the provision of financial services for underserved populations in Colombia. Two of its products “Ahorro a la Mano” and “Crédito a la Mano” have been successful in significantly reducing transaction costs with this segment of clients.
Ahorro a la mano, a mobile savings product was developed during the Gateway Financial Innovations for Savings (GAFIS) project. GAFIS was a four-year project supported by the Gates Foundation and Rockefeller Philanthropy Advisors and managed by BFA, the project engaged the institutions to develop savings products that make long-term business sense while meeting poor clients’ needs.
Vist IDB for further details on the award.
To learn more about GAFIS, visit the GAFIS project page.