According to the latest Financial Inclusion Report from the Financial Superintendency of Colombia, that figure has reached 94.6%, revolutionizing banking access in the country.
The impact of neobanks on financial inclusion rates in Colombia
These digital entities have successfully increased access to financial services, especially in underserved geographic areas. The population’s dispersion poses a challenge for traditional banking, as branches do not reach rural areas of the country. Thanks to their focus on technology and digitalization, neobanks have been able to remove this and other barriers to financial products.
In 2020, the number of digital wallet users increased by 99%. This was due to the high penetration of smartphones in the country—over 70%. By 2023, access to financial products exceeded 95% among adults. These figures demonstrate the positive impact neobanks are having on financial inclusion in Colombia.
Accessible and convenient digital financial services
Colombian neobanks are playing a crucial role in democratizing access to financial services by offering more accessible, affordable alternatives tailored to the needs of modern consumers.
The arrival of these new players in the Colombian market has led to fierce competition, which has resulted in benefits for users. This dynamic is encouraging traditional banks to adopt more innovative approaches and offer personalized experiences to their customers.
The Colombian financial ecosystem: Beyond neobanks
It is important to understand that neobanks are not the only players in Colombia’s financial landscape. Other entities also play significant roles:
Traditional Banks
Long-standing financial institutions that offer a wide range of products and services, from savings accounts to mortgage loans.
Savings and Credit Cooperatives
Organizations that promote savings and offer credit to their members, focusing on social and economic development within their communities.
Financing Companies
Entities specializing in granting loans for the acquisition of goods and services.
Fintechs
Technology-driven companies that provide innovative financial services such as digital payments, online loans, and investment management
Leading neobanks operating in Colombia
According to Finnovista (the firm behind Fintech Radar, a benchmark report in the financial sector highlighting the most promising fintech startups in Latin America), by 2024, the number of technology-based financial companies in Colombia had reached 394.
This continued growth reveals a clear trend: consumers are eager to adopt new tools to manage their money. They seek banking solutions that are innovative and also allow them to take control of their finances and improve their financial well-being.
We have prepared a list of the most outstanding neobanks currently operating in Colombia, along with their main features.
Discover their advantages!
| Lulo Bank | Lulo Savings Account: 100% digital with daily interest of 1% E.A. Credit card: No maintenance fee, offers cashback discounts. Interest Rate: Temporary promotions that can reach up to 10% E.A. |
| Nequi | Low-Amount Deposits: The first product offered to users. Savings Account: If you manage more than COP 10,482,689 per month. Nequi VISA Card: No maintenance fees, only spend the available balance. |
| Nu Colombia | Nu Account: Digital savings account with daily interest. Credit Card: The “Moradita” Mastercard, with a rewards program. Interest Rate: Up to 9.5%, one of the most competitive in the market. |
| Movii | Movii Account: Electronic deposit of up to COP 10,482,689 per month. Mastercard Debit Card: No maintenance fees, interest, or hidden charges. Promotions: Access to discounts on restaurants, entertainment, supermarkets, etc. |
| Ualá | Interest-Bearing Deposit: Low-amount deposit that generates up to 13% E.A. Mastercard Debit Card: International contactless debit card. Benefits: Discounts when making purchases with the card. |
| Pibank | Pibank Account: Savings account with no commissions or maintenance fees. Cards: Contactless VISA debit and/or credit cards, with no commissions. Interest Rate: Offers 10% E.A. from as little as COP 1, “no fine print”. |
| Daviplata | Digital Wallet: Allows all types of banking transactions. Activation: Via mobile phone, with no maintenance fees. Microloans: Access to small loans directly from the app. |
| Tpaga | Digital Wallet: Enables all types of banking transactions. Business Services: Payroll payments, social protection, and more. Investments: The app allows investment in FICs and cryptocurrencies. |
| Powwi | Powwi Ágil: Low-amount deposit with individual and collective savings “pockets”. Powwi Más: Regular deposit account with no balance or transaction limits. Instant Payments: Services for businesses and users. |
| Addi | Digital Commerce: Pay for purchases with credit or debit via PSE. Financing: Agreements with merchants to offer better conditions. Advantages: Flexible installment options to suit individual needs. |
Features of the best neobanks in Colombia
Lulo Bank
Lulo Bank was the first neobank in the country authorized by the Financial Superintendence of Colombia (SFC) and also the first approved to operate 100% digitally. Its proposal is highly innovative: it offers a savings account with attractive returns, a credit card with no maintenance fees, and a strong focus on financial education. Lulo Bank aims to stand out through its commitment to transparency and simplicity.
If you want to learn more about Lulo, check out our interview with Natalia Jiménez, CEO of LuloX, the spin-off of this digital bank:
Nequi
Nequi has positioned itself as a leader in Colombia’s neobank market, thanks to its ease of use, wide network of banking agents, and focus on financial inclusion. Its platform allows users to make payments, transfers, top-ups, and cash withdrawals quickly and securely. Essentially, Nequi has democratized access to basic financial services.
Nu Colombia
Nu Colombia, part of the Brazilian giant Nubank, entered the country in 2021 and quickly gained traction with its “Moradita” credit card. Its digital savings account with daily returns immediately attracted a large number of Colombians, surpassing 2 million customers in the region by the end of last year. Nu’s value proposition is based on simplicity and an exceptional user experience.
Movii
Launched in 2018, Movii was the first fintech in Colombia regulated under the SEDPE model. It offers virtual deposits and money transactions via a mobile app and prepaid card. One of its main goals is to increase financial inclusion in Colombia. In the words of its CEO and co-founder, Hernando Rubio: “My mission is to inspire millions of people to change the world through the power of technology.
Ualá
This neobank is committed to offering the highest profitability rate in the Colombian market—13% E.A. This announcement was made in January to mark the entity’s third anniversary in the country. With daily interest accrual, Ualá users benefit from this advantageous rate while managing their money intuitively at any time of the day (or night).
Pibank
Pibank is part of Grupo Pichincha, a multinational banking group from Ecuador with 117 years of history. It is also a Spanish bank, supervised by the Bank of Spain and a member of the Deposit Guarantee Fund for Credit Institutions. They offer a savings account with a 10% E.A. interest rate, starting from the first peso and with funds always available. Unlike other neobanks, Pibank has physical branches in the region.
Daviplata
Davivienda’s neobank is backed by Grupo Bolívar, providing a robust and secure platform for managing money via mobile phones. Users can make payments, transfers, receive remittances, and access microloans easily and quickly. Daviplata is a virtual wallet that has become an essential tool for Colombians.
Tpaga
This digital wallet also allows users to manage their personal finances from the palm of their hand: paying bills, recharging their phone, and sending money to friends or family—all through an intuitive and agile app. Tpaga offers more than 45,000 cash withdrawal points across Colombia. It was one of the first Colombian mobile wallets to connect unbanked customers with local businesses.
Powwi
Powwi is a SEDPE (Specialized Electronic Deposit and Payment Company) regulated by the Financial Superintendence of Colombia and backed by Fogafín. Its main focus is promoting financial inclusion and reducing cash usage through digital services accessible via mobile devices. Powwi stands out for its interoperability with Transfiya, enabling instant payments and expanding financial access for unbanked individuals.
Addi
Addi offers financing for purchases in both online and physical stores. With Addi, consumers can split the cost of their purchases into monthly installments, making products and services more accessible. Addi has partnered with a wide network of retailers in Colombia to provide its financing solution to a larger number of customers.
The future of neobanks in Colombia: A promising outlook
As you’ve seen, neobanks are transforming the Colombian financial landscape! In the 21st century, offering traditional banking solutions no longer fits the current demands of the Colombian population. The innovation of Fintech is making it possible for financial services and products to be renewed and become much more accessible to the public.
As technology advances and the adoption of digital banking expands, we are sure to witness even greater growth in this sector in the coming years. The increased competition, thanks to these new players, is generating more investment in R&D, which benefits both end users and the industry as a whole.
Customer focus is another strength of these companies, which offer a personalized experience tailored to the user’s changing needs. This is achieved through user-friendly interfaces and features that adapt to each life stage. Listening to the people who use your services has never been so rewarding!
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