Expanding Opportunities for Rural Finance in Colombia
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World Bank, Washington, DC
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The purpose of this note is to provide
policy recommendations to improve access to credit of rural
populations and small agricultural producers under
financially sustainable schemes. Although the agricultural
sector remains an important source of employment,
agricultural credit is a small fraction of commercial credit
in Colombia. The share of agricultural credit in Colombia is
below levels observed in other countries in the region.
Colombian commercial banks have limited credit volume in
rural areas, concentrating their lending activities on more
profitable urban populations. General deposit warehouses and
the agricultural commodity exchange (Bolsa Mercantil de
Colombia (BMC)) provide funding for agricultural activities,
but they are underdeveloped compared to regional peers and
serve medium and large size producers. Overall use of
mobile- and internet-based payment financial products
remains low in rural Colombia. According to 2014 Findex
survey data, just two percent of adults report using mobile
banking, defined as a mobile platform for making
transactions from an account at a financial institution.
Public credit guarantee system (FAG) coverage should be
modified to incentive the use of mobile guarantees and
agricultural insurance. This will ensure that financial
institutions have only covered tail risks, providing
incentives to use mobile guarantees.
Palabras clave
MONEY LENDERS, LINE OF CREDIT, DEPOSIT, FINANCIAL SERVICES, BORROWER, WAREHOUSE, DEPOSITS, RURAL CLIENTS, PEOPLE, AGRICULTURAL DEVELOPMENT BANK, SMALL BANKS, AGRICULTURAL CREDIT, RURAL BORROWERS, FINANCING, MINIMUM WAGE, FARMER, INTEREST, COMMODITY EXCHANGE, GUARANTEES, FINANCE COMPANIES, SAVINGS ACCOUNTS, INTEREST RATE, PROPERTY RIGHTS, BANKING SYSTEM, DEBT MANAGEMENT, FINANCIAL PROVIDERS, RURAL CREDIT, CREDIT COOPERATIVES, LENDING PORTFOLIO, LOAN, CREDITWORTHINESS, BORROWERS, SUBSIDY, PAYMENTS, CREDIT PORTFOLIO, SAVING, INFORMATION SYSTEMS, INTERNATIONAL BANK, DEVELOPMENT FINANCE INSTITUTION, LENDER, MICROFINANCE INSTITUTIONS, CREDIT UNDERWRITING, PRIVATE FINANCIAL INSTITUTIONS, FUNDING SOURCES, PUBLIC CREDIT, ECONOMIC ACTIVITY, ADMINISTRATIVE REFORMS, CREDITS, SAVINGS, MORTGAGES, FINANCIAL SUSTAINABILITY, TECHNICAL ASSISTANCE, PUBLIC-PRIVATE PARTNERSHIP, FINANCIAL INSTITUTION, MORAL HAZARD, PARTIAL CREDIT, ACCESS TO FORMAL CREDIT, CONSUMER CREDIT, LOAN PRODUCTS, UNION, PUBLIC FUNDS, USURY, ECONOMIC COOPERATION, BANK OFFICES, INTEREST RATES, DEPOSIT ACCOUNTS, PAYMENT, FINANCIAL INSTITUTIONS, SOCIAL COMMITMENT, CAPITAL MARKET, DEBT, FISCAL RESOURCES, RECEIPTS, CAPITAL REQUIREMENTS, DEPOSIT INSURANCE, FINANCIAL PRODUCTS, LENDERS, LAND OWNERSHIP, RURAL COOPERATIVE BANK, LOANS, ENTERPRISES, FARMERS, ELECTRONIC PAYMENTS, BANK CREDIT, AGRICULTURAL BANK, FINANCIAL SYSTEM, REAL ESTATE, FINANCE, LIMITED CREDIT HISTORY, BANKS, GOVERNMENT SECURITIES, GRANT, EQUITY, RURAL FINANCE, FORMAL FINANCIAL INSTITUTION, CREDIT ENHANCEMENTS, MOVABLE COLLATERAL, CAPITAL, SMALL ENTERPRISES, PUBLIC FUND, ACCESS TO FINANCE, SUPPLY OF CREDIT, DEVELOPMENT BANKS, BANK, TITLE REGISTRATION, CREDIT, URBAN AREAS, AGRICULTURAL SECTOR, FINANCIAL EDUCATION, REPAYMENT, CREDIT HISTORIES, PROPERTY, LOAN PORTFOLIO, INSURANCE PREMIUM, TRANSACTION COSTS, GUARANTEE SCHEME, CREDIT GUARANTEE, AGRICULTURAL ACTIVITIES, CREDIT POLICIES, AGRICULTURAL DEVELOPMENT BANKS, CREDIT UNION, SECURITIES, GUARANTEE SCHEMES, SOLVENCY, COOPERATIVE BANK, MICROCREDIT, ACCREDITATION, UNREGULATED FINANCIAL INSTITUTIONS, PROFITABILITY, CREDIT RISK, ACCESS TO CREDIT, MICROFINANCE, ECONOMIC DEVELOPMENT, AGRICULTURAL PRODUCTS, INTERESTS, BANK LOAN, INTEREST RATE CEILINGS, SECURITY, ECONOMIES OF SCALE, INVESTMENT, CREDIT GUARANTEES, FINANCIAL INTERMEDIARIES, COMMERCIAL BANKS, HOUSEHOLDS, PAYMENT SERVICES, COLLATERAL, CAPITAL REQUIREMENT, COOPERATION, RURAL FINANCING, EMPLOYEE, PRIVATE INVESTORS, COOPERATIVES, DEVELOPMENT FINANCE, EARNINGS, WAREHOUSES, INVESTMENTS, BORROWING, FINANCIAL SUPPORT, RISK MANAGEMENT, AGRICULTURAL FINANCE, FINANCIAL KNOWLEDGE, ACCESS POINTS, COLLATERAL REFORM, FEES, REGISTRATION SYSTEMS, PUBLIC BANKS, OUTREACH, FIXED COST, BANK BRANCHES, PUBLIC BANK, CREDIT HISTORY, FORMAL CREDIT, COOPERATIVE, GUARANTEE, DEVELOPMENT BANK, REAL PROPERTY, RISK MITIGATION, CREDIT INITIATIVES, DEPOSITOR, FISCAL LOSSES, INEQUALITY, CREDIT ASSOCIATIONS