Since the m-banking system has been launched, the country added an average 11,000 new m-banking customers per month. Each user made an average of 8 mobile banking transactions per month. Colombian subscribers are able to use their mobile phones to consult their bank account balances, make money transfers, pay bills and top-up prepaid mobile phone accounts. Subscribers have access to bank accounts at local banks Bancolombia, Banco AV Villas, Davivienda, Bbva, Banco Caja Social and Colmena.
Around 960,000 m-banking transactions have been conducted by Colombian subscribers in December 2008 alone, with the most common m-banking transactions being top-ups and account balance inquiries. Mobile operators Comcel, Movistar and Tigo currently provide m-banking services as part of their value-added services portfolio.
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