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Colombia Country Report

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  • Published Date: May 2017

A comprehensive overview of the cards, payments and consumer banking market in Colombia.


  • Colombia's unemployment rate has been high for some time but gradually fell between 2009 and 2016: from 12 per cent to 7.5 per cent.
  • As of December 2016, the top five banking institutions held an estimated 68.1 per cent of total financial system assets. Bancolombia, a privately owned Colombian bank, is the market leader with 24.9 per cent of total assets.
  • The proportion of adults with a formal bank account grew from 53 per cent at the end of 2009 to 81 per cent at the end of 2016.
  • Although Colombia has one of the highest rates of financial inclusion in Latin America, fewer than one in five people have a loan with a financial institution.
  • During 2016, total consumer credit outstandings grew by an estimated 13.2 per cent; mortgage lending grew by 15 per cent; non-mortgage credit grew by 12 per cent.
  • According to the central bank, payments by credit and debit cards represented only some 14.1 per cent of final household consumption during 2015.
  • The main challenge to Visa and Mastercard's dominance of the credit cards market is from private label cards; these are mainly through alliances with large retailers targeting low-income segments.
  • As of December 2016, Mastercard was the market leader in the debit cards network space, both in terms of cards in issue and billed volumes, with 57 per cent and 65 per cent shares respectively.
  • Tuya is the top-ranked credit card issuer in Colombia, with a 16.2 per cent market share as of December 2016.
  • Banks in Colombia engage directly in merchant acquiring. Bancolombia (issuer of American Express cards) and Banco Davivienda (issuer of Diners Club cards) dominate the market.

Colombia Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our credit card data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume


Verisk reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in Latin America. Analysts and researchers use both primary and secondary source data and conduct in-depth interviews with Latin American industry executives and experts.

See more Latin America Country Reports or explore the full range of payments research reports available for 72 markets.

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.