Banco Agrario, a Colombian state-owned bank, has joined hands with technology firm Comviva and telecommunications provider Telefonica to roll out a mobile wallet pilot project for agricultural farm workers and the rural population in Colombia.
Known as Agromovil, the electronic money service will be made available through mobile app as well as USSD to ensure that all users – with or without smartphone – can access the service.
The pilot project will last over the next six months and will be carried out with approximately 1,000 customers.
During the pilot phase, customers will be allowed to open a mobile account, transfer funds to other users, deposit money and pay utility bills. They can also recharge their prepaid mobile connection.
Banco Agrario will use its network of bank tellers and branchless banking agents to deliver services such as deposit and withdrawal.
Banco Agrario CEO Luis Enrique Dussán López said: “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.”
Founded in 1999, Banco Agrario manages a network of 766 branch offices, 96 extended offices, and 5,648 branchless banking agents.