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Mobile Money Scoping Report - Colombia - IFC

Mobile Money Scoping Report - Colombia - IFC

• Macro-economic

• Macro-economic Overview• Regulations• Financial Sector• Telecom Sector• Distribution Channel• Mobile Financial Services Landscape6

Regulatory BodiesSuperintendenciaFinanciera deColombia (SFC)Comisión deRegulación deComunicaciones(CRC)Banca de lasOportunidades(BDO)Roles & Responsibilities• Role: financial, regulatory and supervisoryentity of Colombia. It is in charge ofmaintaining the integrity, efficiency, andtransparency of the financial market whileprotecting its consumers.• Role: Colombian agency in charge ofregulating telecommunications in Colombia• Role: long-term policy program aimed atexpanding access to financial services foradult Colombians. It promotes regulatorychanges, coordinates financial capabilityinitiatives, and provides incentives forfinancial institutions to tap the unmetdemand for banking servicesImplications• Mobile wallet is not allowed because SFC isconcerned about the deposits; there is nodeposit insurance. This results in higher risksfor the population and a high risk for moneylaundering.• Challenge is that it is very difficult to changesome of the regulations because ofconstitutional requirement that says thatdeposits have to be under the control of thebank.• Low balance accounts have experiencedlimits in the number of operations,withdrawals and deposits as players couldnot identify who was eligible• As a result, “electronic accounts” model(which included the mobile) was developedand the initial beneficiaries of these accountsare recipients of government subsidies anddisplaced persons, etc…7

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