Banco Agrario, Telefonica, Comviva to launch electronic money solution in Colombia

The project will focus on leveraging the ubiquity of mobile phones in Colombia to extend digital financial services to agricultural producers and the rural population.

In the pilot phase, customers will be able to open a mobile account, deposit money into account, withdraw cash from the account, transfer money to other users, pay utility bills and recharge their prepaid mobile connection, among other transactions.

To increase the service reach to rural and remote areas, Banco Agrario will use its network of bank tellers and branchless banking agents to offer deposit and withdrawal. The electronic money service - AGROMOVIL - will be available through mobile app as well as USSD.

The pilot project will run for six months and will be executed in certain towns with around 1,000 customers using the service.