Colombian fintech Emonkey announced the launch of 'cash advances', projecting over $1.200 million in credits this year. The solution aims to provide formal liquidity access for emergencies. The move addresses the fact that only 51% of Colombians have formal credit access, per Asobancaria.
In Colombia, formal credit access stands at just 51%, according to Asobancaria data, leaving nearly half the population turning to informal options for unexpected needs. A report from the National Association of Financial Institutions notes that 30% of Colombians use informal loans for personal emergencies. Additionally, 79% prefer cash as a payment method.
Local fintech Emonkey introduced its 'cash advances' solution, enabling users to transfer credit limits directly to bank accounts. The company projects disbursing over $1.200 million pesos in 2026. "We aim to be a bridge to financial formality, allowing users to access their credit limit directly in their bank account, turning digital financing into real resources for emergencies or personal contingencies," said Jaime López, CEO of Emonkey.
The process is fully digital, with Emonkey planning to roll out immediate Bre-B transfers by late March. This effort seeks to reduce reliance on informal mechanisms and boost financial inclusion.
