Accion’s Latin America hub convened stakeholders to explore how to best include and address the needs of especially vulnerable population segments in the region.

Key action steps to advance financial inclusion:

“We need to find mechanisms for collaboration between the financial sector and public institutions to promote the use of financial services. One of the key points to address would be the high level of dormancy in savings accounts in our country. We need to keep working towards reducing the use of cash and improve the use of alternative channels like non-banking correspondents.”

“Necesitamos encontrar mecanismos de trabajo articulado entre el sector financiero y el apoyo público para fomentar el uso real de servicios financieros. Unos de los temas clave a tratar es el alto nivel de inactividad de las cuentas de ahorro. Necesitamos continuar trabajando para la diminución del efectivo y mejorar la transaccionalidad de canales alternativos como corresponsales bancarios.”

-- Carmen Cecilia León, Program Coordinator, Banca de las Oportunidades

“We need to understand that full financial inclusion will be achieved through the creation of an ecosystem where each player can add value with the purpose of overcoming the root causes of poverty. To achieve this goal we have the challenge of changing traditional models and turning them around to serve those with less opportunities.”

“Necesitamos entender que la inclusión plena se garantizará a través de ecosistemas donde cada actor ofrezca valor agregado con el propósito de superar las causas estructurales de la pobreza. Por esto los bancos tenemos el reto de cambiar los modelos tradicionales y ponerlos al servicio de las personas con menos oportunidades.”

-- Diego Afanador, Marketing Manager, Banco Caja Social

“We must build a relationship of trust between people and the institutions that provide financial services, and increase the use of evidence when making the decision of where to invest to further financial inclusion.”

“Construir confianza entre las personas y las entidades que ofrecen servicios financieros, y aumentar el uso de la evidencia en la toma de decisiones sobre en que invertir para aumentar la inclusión financiera.”

-- Sebastián Chaskel, National Director for Colombia and Dominican Republic, Innovations for Poverty Action

For more information on this market context, check out this country brief prepared with the FI2020 Inclusion Visualizer: