Ignacio Giraldo, CEO of Lulo Bank, revealed that the bank reached 600,000 clients at the end of last year, adding about 13,000 new ones monthly. He emphasized the need to eliminate the usury rate to expand credit access in Colombia, where only 30% of the population has it despite 95% having deposit accounts.
In a recent interview, Ignacio Giraldo, CEO of Lulo Bank, shared the bank's 2023 achievements. "Last year at Lulo we closed very well. We exceeded 600,000 clients in Colombia and are reaching almost 40,000 Pro users," he stated. Of these, at least 40,000 use the new Lulo Pro app, focused on main accounts with payroll, attractive-rate savings, credit cards, loans, and insurance.
The bank's portfolio remains controlled, with an overdue portfolio level of 5%, comparable to the market. Monthly, about 13,000 new clients join, and at least half open their first savings account with Lulo. The focus is on strengthening these main accounts through Lulo Pro.
On profitability, Giraldo explained that Pro users access the best rates, while others have competitive offers. These will adjust based on Banco de la República decisions and market conditions, differentiating between main and secondary users.
Giraldo addressed financial inclusion, highlighting barriers like the usury rate. "A strict price definition limits competition," he affirmed. He proposed eliminating it to expand credit, along with reducing cash use and fostering innovation and competition. In Colombia, high cash usage persists, and only 30% access credit despite 95% having deposit accounts.
Regarding Bre-B, main users generally use keys, and secondary users reach 70% penetration, with growth in payment rails.
The three key pillars are innovation, competition, and inclusion, promoting accessibility and cultural change for more Colombians.
