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PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"

PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"

Published in: Economy & Finance, Business
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  • Atenderá a 100 microempresarios y/o emprendedores en 15 municipios menores de 50.000 habitantes. Atenderá a 100 microempresarios y/o emprendedores en 15 municipios menores de 50.000 habitantes. Actuar Antioquia: Atenderá a 100 microempresarios y/o emprendedores en 15 municipios menores de 50.000 habitantes.
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    • 1. Una política para promover el acceso a servicios financieros buscando equidad social
    • 2. What is Banca de las Oportunidades (BdO) ? It is the national financial inclusion policy of the government of Colombia, established in 2006, to promote access to financial services, with a special emphasis on the poorest. It works through innovative public – private alliances and pro-market interventions to ensure a profitable and sustainable supply.To comply with this mandate, BdO serves as: 1) Facilitator 2) Promoter of change 3) Leader and articulator 4) Capacity Builder Una política para promover el acceso a servicios financieros buscando equidad social
    • 3. How does it work?Regulatory Framework: Create an adequate environment and promote required reformsContributes to the rapprochement b/w Supply and Demand of financial servicesGives Support to BdO´s network: Incentives (monetary and in kind) to the supply of financial services to extend their geographic outreach, develop adequate products and adopt new methodologies Una política para promover el acceso a servicios financieros buscando equidad social
    • 4. •InstitutionalStrengthening (toNGO and Coop.)•Product Design •Bank Agentsand new •M-bankingmethodologies •Incentives for F to increase outreach •Microcredit •Village banking/ Group Lending •Self Help Groups / Savings and Loans Groups •Microsavings •Microinsurance •Financial Eduaction •Microcredit Programs •Savings Culture Program (with Fundacion Capital) Una política para promover el acceso a servicios financieros buscando equidad social
    • 5. •InstitutionalStrengthening (toNGO and Coop.)•Product Design •Bank Agentsand new •M-bankingmethodologies •Incentives for F to increase outreach •Microcredit •Village banking/ Group Lending •Self Help Groups / Savings and Loans Groups •Microsavings •Microinsurance •Financial Eduaction •Microcredit Programs •Savings Culture Program (with Fundacion Capital) Una política para promover el acceso a servicios financieros buscando equidad social
    • 6. Propitiating Reforms to the RegulatoryFramework Promotion of Agent Banking (Corresponsales No Bancarios) Development of Electronic Accounts/ Small-Amount Savings Accounts : Product geared for low income clients, with lower barriers, costs and simplified procedures Regulatory framework for the implementation of M- banking Una política para promover el acceso a servicios financieros buscando equidad social
    • 7. •InstitutionalStrengthening (toNGO and Coop.)•Product Design •Bank Agentsand new •M-bankingmethodologies •Incentives for F to increase outreach •Microcredit •Village banking/ Group Lending •Self Help Groups / Savings and Loans Groups •Microsavings •Microinsurance •Financial Eduaction •Microcredit Programs •Savings Culture Program (with Fundacion Capital) Una política para promover el acceso a servicios financieros buscando equidad social
    • 8. Increase Geographical OutreachNon Bank Agent (Agent Banking): Lowcost distribution channel, for financialinstitutions to offer their services throughcommercial establishments which allows themto extend outreach and facilitate clients to dotheir transactions closer to homeBdO Contribution:  Development of regulatory framework, required for its implementation in Colombia  Authorization to open savings accounts at NBA  Incentive (Subsidy) for financial institutions to open NBA in municipalities that didn´t have financial presence: 187 CNB  Incentive (Co-finance) to banks, to open NBA in marginal neighborhoods Una política para promover el acceso a servicios financieros buscando equidad social
    • 9. MUNICIPALITIES WITHOUTFINANCIAL INSTITUTIONSPRESENCE June 2006: 309 Now: 9Non bank agents (NBA): NBA opened with BdO incentives: 209Total number on NBA in Colombia: 23.623 Total number of financial institutions with NBA: 17 Number of transactions done through NBA: 115 MILLONES Value of transaction done through NBA: US$13 BILLONES * Data from June 2007 to April 2011 Una política para promover el acceso a servicios financieros buscando equidad social
    • 10. Increase Geographical OutreachCo-financiation: temporary and diminishing subsidies forspecialized microcredit institutions to extend their outreach tomunicipalities of less than 50.000 inhabitants, where there wasno presence.Type # of Municip. Valueof Inst. (in US $ M)CNB 187 $3,2ONG 104 $0,88CFC 15 $0,12Coop 18 $0,4 Incentives given to 27 institutions, to extend their outreach with 324 new POS in 311 municipalities Una política para promover el acceso a servicios financieros buscando equidad social
    • 11. New Distribution channels M-banking: Channel and mean to reach the “Unbanked”. BdO has worked on project to set an enabling environment for the provision of m-banking services with the objective of increasing access to banking services for the poor, taking advantage of the technological advances.Achievements: i) Diagnosis of legal, regulatory and institutional framework and identification of best practices that allow its implementation in the country. ii) Detailed study of legal and regulatory reforms required, to be discussed with MPF, MINCO and the Financial Superintendence . iii) Consultancy to review technological matters. iv) Facilitator hired to articulate and foster the participation of key stakeholders (MNO, banks, technology providers, commerce and users) and identify the actions to overcome the main bottlenecks. Disclosure of results and motivation for the private sector to implement it. v) Creation of an Intergovernmental committee • Financial Superintendence, Min. Public Finance, Telco Regulation Comission, National Planning Dept, Min. of Comm, and BdO Una política para promover el acceso a servicios financieros buscando equidad social
    • 12. •InstitutionalStrengthening (toNGO and Coop.)•Product Design •Bank Agentsand new •M-bankingmethodologies •Incentives for F to increase outreach •Microsavings •Microinsurance •Microcredit •Village banking/ •Financial Eduaction Group Lending Programs •Self Help Groups / •Savings Culture Savings and Loans Program (with Groups Fundacion Capital) Una política para promover el acceso a servicios financieros buscando equidad social
    • 13. Development of adequate productsMicrosavings: Savings account forCCT beneficiariesOpening of savings accounts for allFamilias en Accion (Conditional CashTransfer Program) beneficiaries (about 2,5million) to receive their subsidies’ payments,in a fast, timely and efficient way, at a lowcost.Important advances to achieve it: Non Bank Agents: Full Financial Coverage of all municipalities Design of special savings account: Full fledge, but simplified procedures and no frills Una política para promover el acceso a servicios financieros buscando equidad social
    • 14. Development of adequate productsMicrosavings: Promotion of Savings Culture for CCT benefiaries that opened accounts. (Project with Fundación Capital)Objectives:Financial Inclusion: Savings account as gateway to have access toother services of the formal sectorTransformation of informal savings to formal onesIncrease savings and promote assets accumulationFacilitate financial transactions through efficient and secure means.Project Components•Monetary incentive•Financial Education•Impact Evaluation Una política para promover el acceso a servicios financieros buscando equidad social
    • 15. Financial Education: Programs to improve capacity of lowestincome population to manage their personal finances, providingcomplete information about the benefits and principles of usingfinancial services (savings, credit, microinsurance) and basicconcepts such as budget and financial planning BdO - Microfinance Opportunities: Bring to Colombia the Financial Education Global Program Program to promote Savings Culture among CCT recipients: Financial Education to enhance savings habits and potentiate use of other financial services among CCT recipients and population in extreme poverty. Project with Central Bank (Banco de la República) to include financial education on school pensum Design strategies for massive outreach (radio, TV cell phone) to reach more people at low costs. Una política para promover el acceso a servicios financieros buscando equidad social
    • 16. Development of adequate products Microinsurance: Promote the development and use of adequate instruments to mitigate the adverse effect of economic shocks, natural disasters and emergencies, for the lowest income population. Demand study to identify the needs of the population in extreme poverty and determine the elements to design an adequate microinsurance that suits them, recommending also the best distribution channels for its implementation Pilot project to give life and funerary microinsurances to 50.000 families in extreme poverty (Red Unidos): Currently in implementation Una política para promover el acceso a servicios financieros buscando equidad social
    • 17. Development of adequate productsMicroinsurance: Next steps Pilot Project to assure 408.000 Red Unidosbeneficiaries (lowest income population of the country), for future expansion to 1.5 M Financial Education program for these families to understand the importance and benefits of a microinsurance, and use them. Development of specialized microsinsurance products: For crops, property, against disasters Una política para promover el acceso a servicios financieros buscando equidad social
    • 18. Access for other segmentsSpecialized Microcredit Methodology: Technical Assistance to financial institutions to implement methodology which facilitates access to credit for micro entrepreneurs. With support from USAID – MIDAS, TA was given to the following institutions: 4 Banks: Bancolombia, Banco Agrario, BCSC, Banco de Bogotá - Megabanco. 5 Cooperatives: Coopcentral, Comultrasan, Cooprocemva, Ultrahuilca, Credicoop. 4 NGOs: Fundación Mundo Mujer Popayán, Contactar, Agape, Opportunity Internacional. 3 FC: Finamérica, Compartir, Giros y Finanzas. Una política para promover el acceso a servicios financieros buscando equidad social
    • 19. •InstitutionalStrengthening (toNGO and Coop.)•Product Design •Bank Agentsand new •M-bankingmethodologies •Incentives for F to increase outreach •Microcredit •Village banking/ Group Lending •Self Help Groups / Savings and Loans Groups •Microsavings •Microinsurance •Financial Eduaction •Microcredit Programs •Savings Culture Program (with Fundacion Capital) Una política para promover el acceso a servicios financieros buscando equidad social
    • 20. Access for the poorest (BOP)Village Banking: Methodology that allows to extend savingsand credit services for vulnerable population, giving access tonew segments in difficult to access areas.BO: Technical Assistance for IntermediariesExpected Results:Implementation of Village Banking in at least 5 institutions40.000 clients participating20% clients - unbanked Una política para promover el acceso a servicios financieros buscando equidad social
    • 21. Access for the poorest (BOP)Self Help Groups: Promotion of savings culture and access tobasic financial services for the population in extreme poverty, inremote areas of the country.BO: Technical Assistance for implementation of pilot project Results: Promotion of savings culture Practical Financial Education Construction of social capital Social Cohesion Concepto Number Villages 34 Groups 434 Total Members 6.873 Total Assets US $460.000 Values of Credits US $100.000 Av. Assets / member US $60 Number of credits 1.650 Average credit size US $50 Una política para promover el acceso a servicios financieros buscando equidad social
    • 22. Access for other segments Institutional Strengthening: BdO hired two renown technical assistance firms (WOCCU and Planet Finance) to give integral strengthening on different areas (financial, commercial, operative, technological, etc) to cooperatives and NGO in Colombia, to improve their performance and assure their sustainability. Technical Assistance NGO:  TA: PLANET FINANCE)  To 6 NGOs Technical Assistance Cooperatives:  TA: WOCCU  To 9 cooperatives Una política para promover el acceso a servicios financieros buscando equidad social
    • 23. RESULTSUna política para promover el acceso a servicios financieros buscando equidad social
    • 24. MUNICIPALITIES WITHOUTFINANCIAL INSTITUTIONSPRESENCE June 2006: 309 Now: 9Non bank agents (NBA): NBA opened with BdO incentives: 209Total number on NBA in Colombia: 23.629 Total number of financial institutions with NBA: 17 Number of transactions done through NBA: 115 MILLONES Value of transaction done through NBA: US$12,7 BILLONES * Data from June 2007 to April 2012 Una política para promover el acceso a servicios financieros buscando equidad social
    • 25. Access to Credit Microcredit Disbursements 9,7 MILLIONS OF CREDITS FOR US $ 16 BILLIONSMicroentrepreneurs that have had access to credit for the first time: TOTAL: 3 MILLIONS August 2006 – April 2012 Una política para promover el acceso a servicios financieros buscando equidad social
    • 26. Bancarization Bancarización de la población Mayor de 18 años en ColombiaJuly 2006: 47%Dec 2011 : 64,6% Una política para promover el acceso a servicios financieros buscando equidad social
    • 27. Una política para promover el acceso a servicios financieros buscando equidad social
    • 28.  Development of new distribution channels and products  Agent Banking  Mobile Banking  Microsavings  Microinsurance Rapprochement between supply and demand  Promotion of savings culture  Financial Education Una política para promover el acceso a servicios financieros buscando equidad social
    • 29. Access to Credit Microcredit Loan Outstanding balanceJuly 2002: US $ 395 millionsJuly 2006: US $ 1,9 billionsDec 2011: US $ 5,6 billions Una política para promover el acceso a servicios financieros buscando equidad social

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