Banco de Bogotá to invest US$70mn in 2011 with focus on mobile banking

- Thursday, March 10, 2011

Banco de Bogotá to invest US$70mn in 2011 with focus on mobile banking

Colombia's second biggest bank, Banco de Bogotá, will invest US$70mn in 2011, with a major part going to developing new technologies like mobile banking, bank president Alejandro Figueroa announced at a recent shareholders meeting, according to local newspaper La República.

Figueroa said mobile banking will be one of Banco de Bogotá's major focuses for the year, with a goal of expanding banking access.

The bank's vice president of technology and operations, Jaime Gamboa, said a system is being developed with distributors and shopkeepers for payments to be carried out through Banco de Bogotá using mobile devices, instead of cash.

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