Financial inclusion advances, 62.4% of adult population has at least 1 product

Tuesday, August 30, 2011

The number of Colombians who are part of the country's financial system keeps advancing, and as of end-March, 62.4% of the adult population reported having at least one financial product, a new study from banking association Asobancaria shows.

The figure represents a 9.54% increase when compared to 1Q10, and a 0.86% increase from the association's 4Q10 report.

The largest expansion was in the credit card segment, which saw a 17% year-on-year increase to more than 5.24mn card operations reported.

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The largest segment continues to be savings accounts, with close to 17.7mn accounts opened, an 8.6% increase year-on-year to end-March. Microlending operations reported a 14.0% increase to 1.19mn during the same period, the study shows.

To read the full Asobancaria study, in Spanish, go to this link