Grupo Bancolombia

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Financial Inclusion

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Financial Inclusion

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Financial Inclusion

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Our Strategy

At Bancolombia, we declare our purpose of promoting sustainable development to achieve thewell-being of all people, without distinction. One of the mechanisms to achieve this is topromote financial inclusion, seeking to contribute to the quality of life of individuals, familiesand companies that, historically, have not had the same opportunities to access the financialsystem.

Our strategy seeks to boost the growth of customers who are having their first financialexperience, low-income people and other underserved groups, such as women and the ruralpopulation. In addition, our ambition is to be the best ally for the sustainable transformation ofthe Colombian agricultural sector, throughout the entire production chain, from individuals tocompanies. We do this through financial and non-financial products and services that meettheir needs, with a value proposition that is easy to access and use, providing financialeducation and being present in the daily lives of our customers. In this way, we generatewellbeing in the communities and contribute to the reduction of economic gaps in our country.

We continue to transform ourselves every day to respond to the great economic, environmentaland social challenges we face. We want to go beyond the solutions we offer today as auniversal bank, evolving to accompany our customers in their daily lives.

Financial Inclusion - Savings at Hand

Personal accident insurance

Credit at hand: Innovation in financial inclusion

Challenges for Our Strategy

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- Profitable program growth
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- Financial education
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- Rural sector leading changes
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- Cash reduction
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- New Technologies and Competitors
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- Rethinking business
- investment
- Financial and productive inclusion in rural areas
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- Financial inclusion for low-income individuals
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- Gender Equity and Women’s Empowerment

Our Products History

In our sustainability procedures, it is also important that we fully know our clients and that their principles are aligned with ours.

2024

OTP now visible directly in the app for easier access.
Enabled money transfers with other banks.
Product reissuance supported through Trusted Contact authentication.
Payroll enrollment process improved.
Financial education programs certified by the Financial Superintendency.
Housing Leasing product launched for Colombians abroad.

2023

Online payments through Bancolombia button
Massification of trusted contacts as a solution for unlocking clients.
Implementation of Interoperable QR.
New functionality, automatic payment of remittances in the app.
New IGS Assistance at Hand insurance.
On-screen OTP development in the app.
Closure of the SIM channel.

2022

Mobile operator balance recharge service through App A la mano.
QR code was implemented as a payment method by Wompi.
Recognition to Bancolombia among the Inspiring Companies 2022 list by the Andi Foundation, USAID, Acdi/Voca, Portafolio, and FSG for contributing to reducing socio-economic gaps and generating social impact through the A la mano App.
Civic card recharge using NFC technology in cell phones, without the need to go through balance reader machine

2020

Savings with meaning: Savings Pockets on Hand and housing.
Mobile payments: cmerchants and prepaid services.
Crédito a la mano: CSMS 2.0 Loan Edition.
Credit portfolio for MSMEs: lleasing and social networks.
Multichannel domestic and international (in-out) (in-out) transfers.

2018

Bancolombia and USAID teamed up to increase small values.
National multichannel transfers: 22,895 transfers.
1,114,936 Ahorro a la mano accounts.
11,666 correspondent banks.
22,411 people benefited from low-interest loans.

2017

Bancolombia obtains the Inter-American Award for Financial and Business Innovation.
770,000 Ahorro a la mano accounts.
8600 people benefited from Crédito a la mano.
9400 correspondent banks.
21% growth in remittances.

2016

10 years as a pioneer in Correspondent Banking.
Correspondent banking as one of the sales channels for financial inclusion products.
43% of the Market share in international remittances.
5500 “A la mano” savings.
First 100% digital low-cost loan in Colombia.
New organizational structure for financial inclusion.

2015

In-depth knowledge of microentrepreneurs.
Regional inclusion.
Taxi drivers: Key community.
6000 correspondent banks.
Light network correspondent banking.
Bancolombia A la Mano application.
Moneygram

2014

Corresponding banking model.
Accident insurance.
“We are Bancolombia”.
Hispania: rural ecosystem.

2013 - 2006

Correspondent Banking.
My house with remittances (remittances).
Inclusion programs management.
Savings on hand (ALM).
Hospital Insurance.
Savings accounts for Colombians abroad (CA) .

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This is what we have learned about financial inclusion in our history, thus, becoming the basis for building our golden rules:

The holistic view of the inclusion environment ensures that both those at home and abroad are included.
The interests of our customers come first, otherwise unreliability would increase.
Financial education is essential, and its impact greatly depends on tailoring its content to the realities, needs, and contexts of the people it aims to reach.
Inclusion must also take into account new technologies and innovation.
New entrants are welcome, but competition must be regulated for the benefit of the customer.
The maximum rates for financing prevent the greater inclusion of assets.

Taxes on the use of money in the financial system promote the culture of illegal money.
Public-private engagement is essential for real and efficient progress.
Partnerships are key to efficiency and flexibility.
Communities are essential to ensure sustainable growth: credit alone does not respond to customer needs.
Strategies must have a differential approach, prioritizing affirmative actions towards unattended groups.
Access to housing is a key mechanism to promote stability, reduce barriers, and expand access to opportunities.

Regulatory Framework

Throughout our experience, we have abided by the laws that regulate financial institutions:

2023: Rural and urban productive popular loans are created, by Decree 455.
2020: Low-value deposits are created by Decree 222.
In 2015, the Intersectoral Commission for Financial Inclusion was created through Decree 2338.
In 2014, the law on Financial Inclusion: Law 1735 of October 21, 2014. • In 2014, the Small Amount Credit was created through Decree 2654 of 2014 and Law 1731 of 2014 introduced to reactivate financing for the Agricultural Sector.

2012 The Correspondent Banking Services Regulation develops: 1. Introduction of Decree 2672 of 2012 and Notice 029 of the financial supervisory body, Superfinanciera. 2. Then, the External Notice of the Financial Superintendence issued a notice on marketing products and services through the Internet.
2010: The Supervision began to regulate the Simplified Process.
2008: Electronic Savings Accounts were created with Decree 4590
2006: Introduction of Decree 1133 of 2006 that assists Banking Correspondents.
2002: Law 731 on rural women, which includes actions to help their access to training programs and financing funds.
2000: Started with "microcredit" Law 590 of 2000, through which the special microfinancing methodology of "Microcredit" is recognized and which has the support of the Commission for Micro, Small and Medium Enterprises of the Superior Council of Microenterprises that regulates the payment of commissions.
1999: Law 546 – Housing Framework. Promotes access to housing through a long-term financing system regulated by the State, with special conditions for social housing.