Colombia has a low level of financial depth. Efforts have been made by governments and the
private sector in recent years to encourage the development of models which might provide
enhanced access to financial services. These financial inclusion plans are based on creating
access channels that can reduce high transaction costs for agents. They use the high level of
coverage available through mobile telephony, the gradual development of banking
correspondents and regulatory modifications to provide easier access to financial services.
Against this background, this work has a twofold objective: first, to analyse recent experiences
in the regulatory field with respect to mobile banking in Colombia; and second, to explore the
potential for greater development of these programs. The work uses microdata analysis for
Colombia to confirm the gradual progress being made in the country, identifying the huge
possibilities for promoting an even greater level of financial inclusion.