To do this, the characteristics of the people who applied for the first time a credit operation between 2009 and 2016 were analyzed.
The study focuses on understanding how these first operations were distributed by the main variables such as age, region, sector, type of product, stratum and income. Subsequently, the typical profile of the Colombian person who entered the formal credit system in this period and its comparison with each of the regions is presented.
Young people take half of the first credits
The age composition of the first credit operations shows a decrease as the age range increases. This behavior was foreseeable as people enter at an early age, which is confirmed by the significant participation of young people (18-25 years old) with 44.8%. The age range between 26 and 35 years is 24.8% and the percentages decrease in the future. Few people start their credit life at high ages.
All regions have access to their first credit
Analyzing the six regions of the Colombian territory, it can be seen that access to the first credit is guaranteed in all of them. The Cundinamarca region has the highest percentage with 26.9%, followed by three regions with similar shares: the Caribbean region with 20.7%, Eje Cafetero and Antioquia with 18.9%, and Pacífico and Sur Occidente with 18.8%. Finally, the two regions with the lowest participation are Santanderes and Boyacá with 9.5% and Orinoquía and Amazonía with 5.2%.
The Telecommunications sector is allowing a large number of people to start with a credit history
A relevant variable when analyzing the way people enter credit life is the Sector through which they do it: Cooperative, Financial, Real, and Telco. The results show that people who do not have previous credit experience enter through the Telco sector (38.5%), that is, initially requesting a cell phone. The Financial sectors with 28.4% and the Real sector with 27.7% actively participate in the first credit operations and finally, the Cooperative sector is the one with the lowest participation with 5.4%.
Cell phones are the gateway to the credit world
Analyzing the type of product, the high participation of the cell phone portfolio is evident with 30.9%, validating that a large percentage of people start their credit life by applying for a cell phone. The following two types of products are related to the financial sector, such as microcredit (11.1%) focused on productive businesses and credit cards (10.3%), which is the easiest access credit product for people.
Opportunities to enter the credit in all the municipalities of Colombia despite the milestone of the large cities.
The level of rurality is a variable that measures how many people live in the municipal seat and how many live outside the municipal seat. The smaller this percentage, the fewer people living in the capital, the more rural the municipality can be considered.
Analyzing the results, it is shown that people from the most rural municipalities (0% -50%) participate with 8.1% of the first operations for the period 2009-2016, as well as the following range (51% -80% ), has 13.4% of operations.
These figures, even when they are not large, demonstrate that the people who live in rural municipalities have access to the first credit and that the sectors make efforts to welcome this segment of the population to credit life. Of course, the range with the highest percentage (64.0%) is 91% -100%, marked by the country’s large cities.
One out of every two new credits is in strata 1 and 2
Taking the variable stratum, it is shown how the first three strata have a very important participation in the first credit openings (they add up to 85.2%).
This guarantees that the neediest segments of the population are being given opportunities to enter credit life, helping to generate greater economic well-being; in particular, the first two strata where it could be considered that they have less access to credit, are opening practically half of the first credit openings (48.8%).
Profile of the person requesting their first credit
The profile of the typical Colombian who opens his first loan is presented and a comparative study is made of this, with each of the six regions in order to demonstrate the characteristics of each region.
Colombian youth from strata 2 and 3 and middle income have their first experience with a cell phone
After independently reviewing each variable, the main characteristics are highlighted together, to build the profile of the person who is requesting their first loan in Colombia.
A description is a young person between 18 and 25 years old, in strata 2 and 3, with an average income and who is in any region of Colombia. The request for this first credit operation is mainly in the Telco sector and in particular to obtain a cell phone.