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Bridging the gap between smallholder farmers and the formal financial sector in Colombia

  • Company
  • Agriculture
  • Latin America
  • 2023
  • Active

The challenge

Access to financing for smallholder farmers in remote rural areas is one of the main challenges for the development of the agricultural sector in Colombia. Financial solutions for rural populations are deficient and have usually led borrowers to over-indebtedness and payment of very high rates.

The innovation

IncluirTec developed a technological solution to simplify, expedite, and cost-effectively manage underwriting and loan processing for the agricultural sector. By using this solution, credit institutions can better understand the credit needs and risk profile of smallholder farmers, and enhance their credit processing capacity, expanding their coverage to remote rural areas with limited connectivity.

The impact

The company has processed over 35,000 loan requests, of which close to 78% came from farmers that own less than 5 hectares and that were located in 556 municipalities in Colombia, and close to 30% came from women. IncluirTec plans to increase the number of loans processed through its platform to over 350,000 in the next three years as the number of financial institutions that use their technological solution grows.

IncluirTec’s technological solution enhances access to financing for smallholder farmers and rural micro entrepreneurs as financial institutions expand their coverage to remote areas with limited or no connectivity, and improve processing times. Financial institutions working with IncluirTec have reduced credit processing times by around 75%, while increasing the number of loans placed by loan officers by 40% and improving repayment levels by 3%