Accion has invested $15 million investment in Colombian bank Banco Contactar via its $152.5 million Digital Transformation Fund that helps microfinance and other financial services firms digitize their products and services in order to serve more people. Banco Contactar is part of a microfinance organization with a 32-year track record bringing microfinance products to Colombia’s rural communities via a network of 100 rural branches. “Their client base is mostly rural and needs support in using digital tools. But we expect in the next few years, most transactions will go through new channels,” like digital savings accounts and e-wallets, Accion’s Adelina Dasso told ImpactAlpha.
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