Banco Agrario teams with Telefonica and Comviva on mobile money accounts in Colombia

Banco Agrario teams with Telefonica and Comviva on mobile money accounts in Colombia

Colombian state-run bank Banco Agrario is collaborating with IT services firm Comviva and telco Telefonica to provide mobile money and financial services to agricultural farm workers in the country.

In the pilot phase, customers will be able to open a mobile account, deposit money, transfer funds to other users, pay utility bills and recharge their prepaid mobile connection, among other transactions.

To increase the service reach to rural and remote areas, Banco Agrario will use its network of bank tellers and branchless banking agents to offer last mile services such as deposit and withdrawal.

The electronic money service - Agromovil - will be available through mobile app as well as USSD to cover both smartphonea and feature-phones. The pilot project will run for six months and will be executed in some towns with around 1,000 customers using the service.

Luis Enrique Dussán López, CEO of Banco Agrario says: “According to World Bank Findex, 54% adults in Colombia do not have a financial account. This figure rises to 59% in rural areas. This project will help to bank the financially excluded people by providing simple and cost-effective mobile financial services to agricultural producers, rural population and people living in remote areas. Our vision is to meet the financial needs of the underserved segments and create a more financially resilient society.”

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