Transforming Remittances into Savings and Investments: The Case of Bancolombia and the Financial Inclusion of Remittance Recipient Families in Colombia
The present case study analyzes Bancolombia's business practices related to facilitating access to financial products among remittance recipients in Colombia and Colombian migrants abroad. It outlines how these practices came about and how they created an environment or functioning ecosystem that fostered financial inclusion. The study also highlights the main results obtained with these practices. The report concludes with Bancolombia's perspectives and plans for the future, as well an overview of the continuing challenges it faces and opportunities it perceives in the remittance market.