The Superintendencia Financiera announced that the usury rate for February reaches 25.23% effective annual, up from 24.36% in January, raising costs for credit card purchases. Entities like Lulo Bank and Coltefinanciera operate near the limit, while Coopcentral and Banco GNB Sudameris keep lower rates. Experts highlight the impact on informal credit and propose system reforms.
Colombia's Superintendencia Financiera reported that the usury rate for February 2026 stands at 25.23% effective annual (E.A.), an increase from January's 24.36%. This rise means higher costs for consumers in credit operations, such as card purchases.
Based on data as of January 16, 2026, Lulo Bank, Coltefinanciera, and JFK Cooperativa Financiera have rates close to the cap: 24.31%, 24.31%, and 24.26% E.A., respectively. Followed by Banco Falabella at 24.21%, Banco Unión at 24.16%, Finandina at 23.83%, and Tuya at 24.05%. In contrast, Coopcentral, Banco GNB Sudameris, and Banagrario maintain farther indicators: 18.37%, 19.73%, and 19.73% E.A. Others like Itaú and AV Villas are at 21.56%, and Banco de Occidente at 21.84%.
David Cubides, chief economist at Banco de Occidente, explained that high rates reduce appetite for formal credit, pushing toward informal options like 'gota a gota'. "In mechanisms like ‘gota a gota’, interest rates are so high that they end up impacting Colombians very strongly, who resort to it out of sheer necessity," he noted. He added that these informal rates can be eight or ten times higher than formal ones, with added risks like insecurity.
Gabriel Santos, president of Colombia Fintech, called for progressive reforms: "The country must make a progressive modification. It can start by separating consumer and business credit rates, eliminating discounted rates from the usury calculation." Cubides also linked the rise to 6% inflation forecasts and higher Banco de la República rates, affecting 11 million informal workers.
By modality, large-amount productive credit is 27.17% E.A., rural 19.45%, and urban 38.15%. In popular credit, rural reaches 46.98% and urban 58.70%, reflecting higher risk.
