The financial regulator of Colombia, Superintendencia Financiera de Colombia, has reported that six local and foreign firms are applying to offer banking services in the country, including an unspecified number that would offer microfinance. Successful applicants are able to accept deposits and have their customers covered by government deposit insurance. The only company that has been identified is privately owned Banco Pichincha of Ecuador, which has operated a microfinance arm, Credi Fe, since 1999. For 2008, Credi Fe reported to the Microfinance Information Exchange total assets equivalent to USD 234 million and 85,000 active borrowers.

Sources and Resources

Morningstar article: http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/201006011352DOWJONESDJONLINE000348_univ.xml

MIX Market Credi Fe profile: http://www.mixmarket.org/mfi/credi-f?

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