A NEW AGENT MODEL FOR BRANCHLESS BANKING IN COLOMBIA

Resumen

This article provides an overview of the current development of branchless banking in Colombia, within the context of
the Government’s strategy to promote access to financial services through non-bank correspondents (NBC). It describes the Colombian legal and regulatory framework for branchless banking, focusing on the recent reforms and types of retailers permitted to serve as agents. Also, it examines the traditional
banking sector’s interest in branchless banking, and shows the available platforms for the implementation of banking agent networks. It highlights the potential of branchless
banking solutions for the Colombian microfinance institutions (MFI), identifying a new agent model that puts MFI centre-stage. The article concludes with a series of recommendations
for the development of branchless banking as a tool to expand financial acces, taking into account issues that still have the potential to affect the degree of customer
acceptance and its economic viability.