Banca de las Oportunidades has been funding WOCCU’s work in Colombia since 2008 and is now in the fourth iteration with Banca de las Oportunidades -Project IV. During the first project (2008 – 2010), WOCCU provided technical assistance to credit unions in nine under-developed regions of the country to strengthen institutional capital, improve governance, and expand savings and credit programs to low-income individuals.
In Colombia, we continue expanding the financing for micro- and small farmers to facilitate financial inclusion in the financial sector. The goal of the program is to promote access to financial services to micro, small and medium enterprises and entrepreneurs through various financial institutions.
World Council works with Banca de las Oportunidades on the “Inclusión Financiera en zonas de frontera con Venezuela” (financial inclusion at the border with Venezuela) to:
- Reach 210,000 people, 100,000 of whom are not currently participating in the formal financial system
- Educate 70% of the population about basic financial literacy
- Deliver training to 12,200 individuals in rural areas
- Implement financial methodologies and products for credit unions, banks, microfinance institutions, and insurance companies to connect the adult population with financial institutions based on market research.
- Increase delivery mechanisms for financial services using mobile banking, field agents, and other methods.
- Support financial literacy activities to improve savings mobilization and financial services knowledge.
- Link small businesses, entrepreneurs, and farmers with local groups that can train them on income-generation activities and connect them with financial institutions.