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

dc.contributor.author Solo, Tova Maria
dc.contributor.author Manroth, Astrid
dc.date.accessioned 2012-06-22T15:35:37Z
dc.date.available 2012-06-22T15:35:37Z
dc.date.issued 2006-02
dc.description.abstract The 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.identifier http://documents.worldbank.org/curated/en/2006/02/6566546/access-financial-services-colombia-unbanked-bogota
dc.identifier.uri http://hdl.handle.net/10986/8784
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper; No. 3834
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCOUNTING
dc.subject ACTUAL COST
dc.subject ASSETS
dc.subject BANK BRANCHES
dc.subject BANKING SECTOR
dc.subject BANKING SERVICES
dc.subject BANKING SYSTEM
dc.subject BANKING TRANSACTIONS
dc.subject BANKS
dc.subject BONDS
dc.subject BORROWING
dc.subject CAPITAL ACCUMULATION
dc.subject CAPITAL ADEQUACY
dc.subject CD
dc.subject CENTRAL BANK
dc.subject CERTIFICATE OF DEPOSIT
dc.subject CHECK CASHING SERVICES
dc.subject CHECKING
dc.subject CHECKING ACCOUNTS
dc.subject COLLATERAL
dc.subject COMMERCIAL BANKS
dc.subject COMMUNITY BANKS
dc.subject CONSUMERS
dc.subject CORPORATE FINANCE
dc.subject CREDIT INSTITUTIONS
dc.subject CREDIT RISK
dc.subject DEPOSIT ACCOUNTS
dc.subject DEPOSITS
dc.subject ECONOMIC COOPERATION
dc.subject ECONOMIC GROWTH
dc.subject ECONOMIC SHOCKS
dc.subject ECONOMIES OF SCALE
dc.subject ELECTRICITY
dc.subject ELECTRONIC BANKING
dc.subject EMPLOYMENT
dc.subject FEDERAL DEPOSIT INSURANCE
dc.subject FEDERAL DEPOSIT INSURANCE CORPORATION
dc.subject FINANCIAL DEEPENING
dc.subject FINANCIAL EDUCATION
dc.subject FINANCIAL INFORMATION
dc.subject FINANCIAL INSTITUTIONS
dc.subject FINANCIAL INTERMEDIARIES
dc.subject FINANCIAL INTERMEDIATION
dc.subject FINANCIAL MARKETS
dc.subject FINANCIAL SECTOR
dc.subject FINANCIAL SERVICES
dc.subject FINANCIAL SYSTEMS
dc.subject FINANCIAL TRANSACTIONS
dc.subject FOREIGN BANKS
dc.subject GDP
dc.subject GOVERNMENT BONDS
dc.subject GOVERNMENT SECURITIES
dc.subject HOUSING
dc.subject HOUSING FINANCE
dc.subject INSTITUTIONAL DEVELOPMENT
dc.subject INTEREST INCOME
dc.subject INTEREST RATE
dc.subject INTEREST RATES
dc.subject INVENTORY
dc.subject INVESTMENT CHOICES
dc.subject LIQUIDATION
dc.subject LIQUIDITY
dc.subject LOAN PORTFOLIO QUALITY
dc.subject MACROECONOMIC GROWTH
dc.subject MARGINAL COST
dc.subject MARKET TRANSPARENCY
dc.subject MICROFINANCE
dc.subject MONEY LAUNDERING
dc.subject MORTGAGE BANKS
dc.subject OPERATING EXPENSES
dc.subject OPERATING INCOME
dc.subject PENSIONS
dc.subject PRESENT VALUE
dc.subject PRIVATE BANKS
dc.subject PRIVATE SECTOR
dc.subject PROFITABILITY
dc.subject PUBLIC
dc.subject PUBLIC DISCLOSURE
dc.subject PUBLIC GOOD
dc.subject PUBLIC SECTOR
dc.subject PUBLIC SERVICES
dc.subject REGULATORY FRAMEWORK
dc.subject SAVINGS
dc.subject SAVINGS ACCOUNTS
dc.subject SAVINGS BANKS
dc.subject SMALL BUSINESS
dc.subject TAX
dc.subject TELEPHONE SERVICES
dc.subject TRANSACTION COSTS
dc.subject TRANSPARENCY
dc.subject VALUE ADDED
dc.subject WAGES
dc.title Access to Financial Services in Colombia : The “Unbanked” in Bogotá en
dspace.entity.type Publication
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2006/02/6566546/access-financial-services-colombia-unbanked-bogota
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Finance and Markets
okr.globalpractice Governance
okr.identifier.doi 10.1596/1813-9450-3834
okr.identifier.externaldocumentum 000016406_20060131090049
okr.identifier.internaldocumentum 6566546
okr.identifier.report WPS3834
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/31/000016406_20060131090049/Rendered/PDF/wps3834.pdf en
okr.region.administrative Latin America & Caribbean
okr.region.country Colombia
okr.topic Economic Theory and Research
okr.topic Law and Development :: Settlement of Investment Disputes
okr.topic Banks and Banking Reform
okr.topic Finance and Financial Sector Development :: Financial Intermediation
okr.topic Public Sector Economics and Finance
okr.topic Macroeconomics and Economic Growth
okr.topic Public Sector Development
okr.unit Development Research Group (DECRG)
okr.volume 1 of 1
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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