Publication:
Access to Financial Services in Colombia : The “Unbanked” in Bogotá

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dc.contributor.authorSolo, Tova Maria
dc.contributor.authorManroth, Astrid
dc.date.accessioned2012-06-22T15:35:37Z
dc.date.available2012-06-22T15:35:37Z
dc.date.issued2006-02
dc.description.abstractThe authors look at the depth of the financial sector in Bogota in terms of the "financial exclusion" of those, particularly poorer citizens, who operate without accounts in formal financial institutions-the unbanked. They begin with a review of the overall decline in financial intermediation from 1998 to 2003, which explains, in part, the high percentage of unbanked-61 percent in a recent household survey in Bogota. The authors next look at the banking system today, concluding that the present challenge is to increase financial intermediation overall, especially with the poor. Their analysis shows that Colombia's banks provide costly services mainly catered toward high-income clients. Existing fees and costs of checking, savings, and loan services average 5-10 percent of a monthly minimum wage, making them hard to afford for low-income clients. The authors also explore the characteristics and impacts of financial exclusion associated with lower and more uncertain incomes, lower education, and closer links to the informal sector. They cite the household survey conducted in Bogota, showing that 70 percent of the unbanked earn less than one minimum wage per month, are three times more likely to be unemployed than the banked, and have lower education levels. The unbanked save and borrow largely in the informal sector, at greater risk and greater cost. At the same time, however, high home ownership rates show that the unbanked have the capacity to build assets, demonstrating that they have "bankable" characteristics. The authors conclude with recommendations for government and for the financial sector to broaden access for the benefit of public and private sectors, and for the unbanked.en
dc.identifierhttp://documents.worldbank.org/curated/en/2006/02/6566546/access-financial-services-colombia-unbanked-bogota
dc.identifier.doi10.1596/1813-9450-3834
dc.identifier.urihttps://hdl.handle.net/10986/8784
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3834
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACTUAL COST
dc.subjectASSETS
dc.subjectBANK BRANCHES
dc.subjectBANKING SECTOR
dc.subjectBANKING SERVICES
dc.subjectBANKING SYSTEM
dc.subjectBANKING TRANSACTIONS
dc.subjectBANKS
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL ADEQUACY
dc.subjectCD
dc.subjectCENTRAL BANK
dc.subjectCERTIFICATE OF DEPOSIT
dc.subjectCHECK CASHING SERVICES
dc.subjectCHECKING
dc.subjectCHECKING ACCOUNTS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMUNITY BANKS
dc.subjectCONSUMERS
dc.subjectCORPORATE FINANCE
dc.subjectCREDIT INSTITUTIONS
dc.subjectCREDIT RISK
dc.subjectDEPOSIT ACCOUNTS
dc.subjectDEPOSITS
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC SHOCKS
dc.subjectECONOMIES OF SCALE
dc.subjectELECTRICITY
dc.subjectELECTRONIC BANKING
dc.subjectEMPLOYMENT
dc.subjectFEDERAL DEPOSIT INSURANCE
dc.subjectFEDERAL DEPOSIT INSURANCE CORPORATION
dc.subjectFINANCIAL DEEPENING
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFOREIGN BANKS
dc.subjectGDP
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT SECURITIES
dc.subjectHOUSING
dc.subjectHOUSING FINANCE
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINTEREST INCOME
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINVENTORY
dc.subjectINVESTMENT CHOICES
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLOAN PORTFOLIO QUALITY
dc.subjectMACROECONOMIC GROWTH
dc.subjectMARGINAL COST
dc.subjectMARKET TRANSPARENCY
dc.subjectMICROFINANCE
dc.subjectMONEY LAUNDERING
dc.subjectMORTGAGE BANKS
dc.subjectOPERATING EXPENSES
dc.subjectOPERATING INCOME
dc.subjectPENSIONS
dc.subjectPRESENT VALUE
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE SECTOR
dc.subjectPROFITABILITY
dc.subjectPUBLIC
dc.subjectPUBLIC DISCLOSURE
dc.subjectPUBLIC GOOD
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SERVICES
dc.subjectREGULATORY FRAMEWORK
dc.subjectSAVINGS
dc.subjectSAVINGS ACCOUNTS
dc.subjectSAVINGS BANKS
dc.subjectSMALL BUSINESS
dc.subjectTAX
dc.subjectTELEPHONE SERVICES
dc.subjectTRANSACTION COSTS
dc.subjectTRANSPARENCY
dc.subjectVALUE ADDED
dc.subjectWAGES
dc.titleAccess to Financial Services in Colombia : The “Unbanked” in Bogotáen
dspace.entity.typePublication
okr.crossref.titleAccess To Financial Services In Colombia : The "Unbanked" In Bogota
okr.date.doiregistration2025-04-10T09:36:57.519449Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2006/02/6566546/access-financial-services-colombia-unbanked-bogota
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid882081468243250739
okr.identifier.doi10.1596/1813-9450-3834
okr.identifier.externaldocumentum000016406_20060131090049
okr.identifier.internaldocumentum6566546
okr.identifier.reportWPS3834
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/31/000016406_20060131090049/Rendered/PDF/wps3834.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryColombia
okr.topicEconomic Theory and Research
okr.topicLaw and Development::Settlement of Investment Disputes
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicPublic Sector Economics and Finance
okr.topicMacroeconomics and Economic Growth
okr.topicPublic Sector Development
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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