Colombia banks’ client growth highest in nearly 7 yrs with govt COVID aid

The number of Colombians opening their first financial account rose in the first half of 2020 by the most in nearly seven years, as the government handed out billions in aid and subsidies during the coronavirus lockdown. About 85.9% of Colombians had access to the financial system as of June 30, compared with 82.5% at the end of 2019. That growth in financial system access was the largest since 2013. Welfare payments and Value Added Tax reimbursements for poorer Colombians were key to the expanded use of financial products, Banca de Oportunidades director Freddy Castro said.

Source: Yahoo Finance