Beyond the numbers, the impact of FGA It is in the stories of many Colombians who have been able to buy their motorcycle or car, invest in their productive project, carry out their business or pay for their education or that of their children, through this solution that has found a great ally in technology. to reach many corners of the country, and although it still faces many connectivity challenges, it has undoubtedly made it possible to bring more and more people closer to these entities.
“One of the most positive impacts that technology has brought is being able to reach all corners of the Colombian territory with financial and credit services, that is, with our clients. We already have guarantee agreements with credit intermediaries, be they: banks, fintech, or neo banks such as Nequi or Daviplata. We reach the entire Colombian territory, from La Guajira to Leticia, from Los Llanos to Chocó, which allows a person who is on his farm planting, if he requires a loan, to do all his paperwork through a platform from his cell phone. .
We served as guarantor and that person never had to go to any office, in this way we take credit to everyone, although there is still a lot of work to be done on connectivity issues, I think we have done quite well and improved the quality of life of people in the rural sector.”
Bocanument, recalled the evolution to which financial entities have undergone to break down these barriers through technology:
“Before, in order to make any transaction, a person had to go from his farm, his small plot, to the town to look for the bank that existed in the town, that is, the Agrarian Bank, to be able to make any transaction, make a money order. Today this tool has transformed these services.”
Technology, an ally to reach all regions of the country
Likewise, the president of FGA spoke about how during the pandemic digital solutions gained more strength, making it clear that it was necessary to continue developing these alternatives not only for situations such as those imposed by covid-19 but also to make life easier, connecting those who were far away:
“The pandemic was a challenge but I think we did quite well managing all the processes virtually, which was a benefit, as it greatly accelerated the digital transformation in financial services and we moved forward with credit processes that were still manual, where we had to go to an office, sign a document, sign a promissory note, bring a photocopy of the ID so that this number of processes can be done in almost all entities 100% virtually,” said Bocanument, exemplifying that of the 100 credits that are guaranteed in FGA before the pandemic, 70% was done manually, and 30% were digital, a figure that has currently been reversed.
Who is behind the fund that supports Colombians?
David Bocanument is an administrator from Antioquia with a solid track record in financial entities. He has been at the head of FGA, Guarantee Fund for more than 15 years and at least 30 years of experience in the sector, a world that interested him since he was in school and that made him decide to study Business Administration and then specialize in Finance, as well as political studies in Spain.
These steps and his determination led him to work for several specialized entities, where he understood not only how the world worked through finance and economics but also how he could contribute to people’s quality of life.
His story with FGA began after he worked in multinational and national banks such as Citibank and Conavi, which is currently the Bancolombia Group where he stayed for several years until he was summoned to preside over this entity that has earned the trust of many who have chosen them as their support.
“From the first moment, FGA captured me because it is the application of finance at the service of the country and Colombians. It is how we get a number of Colombians out of that suffocating informal credit that is drop by drop, to take them, to facilitate their access to credit, to a formal credit so that they already have a credit history and allows them to continue improving their quality of life and be able to access the projects that each person has”he mentioned.
The president of this entity has stressed that the most important thing in the operation of an organization is to have a clear and common purpose that mobilizes each of the FGA collaborators, which is to contribute to changing the lives of millions of Colombians and the economic development of the country. country, as well as “having corporate principles and values, being upright”:
“We are in a business of trust, that is, when I serve him, that is, now a company and for some reason that Colombian could not pay. I have the responsibility and commitment to comply with the intermediary who provides the credit. And in these 15 years we have fully fulfilled all our commitments.”
On the other hand, within its strategies it is contribute to the financial education of Colombiansand mitigate the barriers that currently exist to access credit, pointing out that in his opinion, with the growth of inflation and interest rates, the ability of Colombians and Colombian households to take on new debt has been reduced. seen restricted.
However, he trusts in the institutionality of the Bank of the Republic and the decision-making to control this growth in interest rates, a determining factor to prevent Colombian households from becoming over-indebted.
In 2023, FGA had a very successful year as more than 2 million Colombians were able to access credit thanks to the entity’s support for their loans for more than 6 billion pesos, so they hope to continue adding in 2024. for that purpose.