- The partnership is aimed at providing new financial services through credit cards to customers in Colombia
Bogotá, November 5th, 2019 – Enel in Colombia, through its advanced energy services business line Enel X and its distribution company Enel-Codensa, will work with banking group Scotiabank Colpatria to develop new financial services in the country, namely expanding the credit card offering available to residential customers and small and medium-sized enterprises (SME).
This initiative will broaden the range of services provided through Credito Facil Codensa (CFC), a programme launched in 2009 by Enel-Codensa and Colpatria to offer closed-loop credit cards, leveraging on Enel-Codensa’s ability to collect credit card payments through electricity bills.
“This partnership is an important step forward to position our company as a relevant player in Colombia’s credit card market and as a leading provider of financial services, by leveraging on the expertise of our partner, Scotiabank Colpatria, as well as on the know-how acquired by Enel-Codensa over the years through the successful experience of CFC,” said Francesco Venturini, Head of Enel X. “The initiative exemplifies Enel X’s committment to offer new and innovative services tailored to the diverse needs of its customers, through solutions that go well beyond the traditional energy commodity model and are built upon a customer centricity approach.”
“For Scotiabank Colpatria, this partnership is very important, as it allows us to meet the specific needs of a very relevant segment of our customers, providing them with an efficient and quality service. We are sure that with Enel we will strengthen our offer for the benefit of Colombian customers,” said Jaime Alberto Upegui, Chairman of Scotiabank Colpatria.
Over the past ten years, CFC helped extend conventional credit and financial services to users who previously did not have access to these services, by issuing and providing closed-loop credit cards for purchases in more than 7,000 sale points in Bogotá and Cundinamarca. To date, CFC has registered more than 850,000 active credit cards, reaching a 5% market share in the country in 2019. Thanks to the the management of payments through electricity bills, CFC features the lowest bad debt rate level in Colombia’s credit card market, registering a satisfaction rate of around 70% among its customers.
The partnership is aimed at expanding the financial services offered in the Colombian market, adding an “open-loop” credit card, which customers will be able to use for any kind of expenses inside Colombia and abroad. In addition, it will be possible to use the card for a wider range of services, including public transportation, allowing customers to easily pay for tickets of the Integrated Public Transport System and the TransMilenio network in Bogotá. Through this programme, Enel and Scotiabank Colpatria will offer a competitive and simple solution to support the day-by-day needs of its users.