Colombia

The Republic of Colombia is located in northwestern South America, bordered to the northwest by Panama, to the north by the Caribbean Sea, to the east by Venezuela and Brazil to the south by Ecuador and Peru and to the west by the Pacific Ocean.


Link to external site : Website for Colombia
Colombia
Wallets
Development Secondary Emerging
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GDP ($m)
207,785.56
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HDI classification High
Mobile Connections (m)
Currency COP
Class
CountryISO CO
Sovereignity Country
Territory of - NA -
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{"type":"PieChart","data":[["Operator","Connections"],["Comcel (America Movil)",31332006],["Movistar (Telef\u00f3nica)",10100000],["Tigo (Millicom)",5000481],["Avantel",159966]],"options":{"title":"Connections","is3D":true}}
{"type":"ColumnChart","data":[["Year","Connections"],["Q4 2000",2092057],["Q4 2001",3010758],["Q4 2002",4171000],["Q4 2003",6018634],["Q4 2004",10371963],["Q4 2005",21908000],["Q4 2006",30088152],["Q4 2007",33476084],["Q4 2008",40666951],["Q4 2009",40315246],["Q4 2010",43152126],["Q4 2011",45482739],["Q4 2012",47318740],["Q4 2013",48683552],["Q4 2014",49664653]],"options":{"title":"Connections"}}
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Channel Analysis
{"type":"ColumnChart","data":[["Category","Initiatives"],["Agent",2],["Mobile",5]],"options":{"title":"Initiatives ( 5 of 5 )"}}
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COT Analysis
{"type":"ColumnChart","data":[["Category","Initiatives"],["Bank",3],["MNO",2],["Network",1]],"options":{"title":"Initiatives ( 5 of 5 )"}}
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Persona Analysis
{"type":"ColumnChart","data":[["Category","Initiatives"],["BB",2],["MM",2],["MT",1]],"options":{"title":"Initiatives ( 5 of 5 )"}}
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Products
{"type":"ColumnChart","data":[["Category","Initiatives"],["AT",2],["BB",2],["BP",3],["DAT",1],["DMT",4],["G2P",1],["IMT",3],["Insurance",1],["MB",1],["MFI",1],["MM",1],["MP",3],["MW",1],["Trade",1]],"options":{"title":"Initiatives ( 5 of 5 )"}}
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PI Analysis
{"type":"ColumnChart","data":[["Category","Initiatives"],["Account",1],["Cash",3],["Wallet",4]],"options":{"title":"Initiatives ( 5 of 5 )"}}
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Central Bank
Key Regulations

New enabling regulations for Mobile Money in 2014.

Agency Regulation in 2006 and creation of low value savings accounts; the government is promoting programs with banks and other institutions for the payment of regional and local subsidies electronically

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Type of law
Legal System
Civil law system influenced by the Spanish and French civil codes
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Law is based on
Civil code introduced in 1873. Nearly faithful reproduction of the Chilean civil code
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Approach
Sectors active in Digital Money
Exclusivity
Certainty
Openness
Proportionate?
Yes, 2009 Modifcn
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Allowed Models
DominantModel
E-Money
No regulationo on e-money. Nonbanks can issue e-money provided it is not deposit taking. Awaait explicit regs to allow nonbanks to issue electronic money; Prepaid cards can be issued by nonbanks
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Payment
SFC regulates, licenses, supervises LVPSMs.
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Agent
Legally only National Postal Service can offer DMT; High informal
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Money Transfer

No regulatory definition of MT as a payment service so IMT considered exchange transactions, comes under BRC for license issue and SFC for supervision. DMT legal monopoly of National Postal Service.

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Taxation
Big issue; Cuatro por mil tax - only BDO got agent exemption
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{"type":"Gauge","data":[["Label","Value"],["Mobile Penetration",84.93],["Banked",41],["Internet",26],["Urban",74],["Adult",71],["Literate",92.65179431]],"options":{"scaleHeight":0.5,"min":0,"max":100,"redFrom":76,"redTo":100,"yellowFrom":26,"yellowTo":74}}
Population m 46.12
Adult % 71.00
Migrants %
Stock Immigrants ('000)
Emigration Rate %
Internal Migrants ('000)
Internal Migration Rate %
Intl Movement Rate %
Urban % 74.00
Female % 48.30
Literate % 92.65
Annual Growth %
Mobile Penetration % 84.93
Banked % 41.00
Access to FS % 41.00
Internet % 26.00
Branches per 100k adults 14.45
ATMs per 100k adults 26.31
POS per 100k adults 0.00
Prepaid % 85.60
Prepaid SIM Registration
MobileUnbanked (m) 23.11
Monthly ARPU
Cards 2010 ('000)
Propensity %
Overall
Population
On Remittance Sent
On Remittance Received
Mobile Unbanked
Migrant %
MP %
Banked %
Development
Can Provide Payments?
Can Market under Brand?
Can issue E-Money?
Can Open Customer Account?
Can Own Customer?
Can do Cash In/Cash Out?
Can offer Domestic Money Transfer?
Can offer International Money Transfer?
Importance for Digital Money
Digital Money Adoption
Rapid Growth
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Registered Wallet Users
Top Wallets
CelExpress; Redeban; DD Dedo (like Eko)
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Informal Market
Cost To Remit
Key Players
Banca de las Oportunidades; Comcel, Movistar and Tigo Millicom; Movistar-Trivnet
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