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Colombian lower house member Hernando Padaui has established an initiative aimed to reduce transaction costs for financial system users, according to a release from the congress.
The draft legislation would remove transaction costs for the savings accounts of formally employed individuals earning equal or less than twice the minimum wage, according to the release.
Padaui said the measures are aimed at protecting consumers from abuses in terms of how much they have to pay to use financial services.
A further objective is to improve the financial system's credibility and attract greater investment, which would negate the losses from decreased transaction costs, Padaui said.