Banking Opens Its Doors To Small And Medium Mining

The country's small and medium-sized formal miners already have a series of regulations and legal tools to quickly access the services of the national financial and insurance system.

This is Law 2177 of 2021, promulgated on December 30 by the National Government, the purpose of which is to establish conditions to guarantee the entry of the extractive activity formalized to credits and savings accounts offered by the entities that are monitored by the Financial Superintendency and/or by the Superintendency of Solidarity Economy.

“The Ministry of Mines and Energy and the mining institutions are working to promote legal mining, with a business approach, responsible, competitive, influential and trustworthy. For this mining development, it is necessary to promote the formality of the transactions carried out by the sector, as well as ensure flows of resources for the development of operations and promote the application of best technical, environmental and social practices. For this reason, we promote actions to facilitate miners’ access to the financial sector, ” said the Vice-Minister of Mines, Sandra Sandoval.

In detail, the new law establishes that access to the national banking and insurance system will shelter the mining owners; authorized mining operators; mineral traders; beneficiation plants; providers of special services; as well as miners in the process of formalization and legalization.

Likewise, it is expected to develop financial education training programs for miners with small and medium operations that have already completed the formalization and legalization process, as a tool for responsible and adequate inclusion. Likewise, it is proposed to strengthen the knowledge of the mining sector among the entities of the financial system.

For Juan Camilo Nariño, president of the Colombian Mining Association (ACM), with the standard, access to the services and products offered by the financial system is achieved by promoting greater transactionality, in a secure and transparent way, of operations. commercial companies in the sector, as well as guaranteeing access to mining information by financial entities to facilitate the process of getting to know the client.

Doors To Small


Thus, the banking system should not restrict access to services, and on the contrary, it will open a direct line for mortgage loans, free investment loans and housing leases, savings accounts, checking accounts, credit cards, as well as other special benefits.

The new norm also allows small and medium formalized mining to access the financial system and solidarity economy, by promoting greater transactionality, in a secure and transparent way, of the commercial operations of the sector, as well as guaranteeing access to information mining by financial entities to facilitate the process of getting to know the client.

“The entities will carry out training on the process of access to the financial products and services offered, more in relation to regulatory compliance, risk management, prevention, money laundering, financing of terrorism, the proliferation of weapons of mass destruction and practices of business ethics and other topics and activities aimed at fulfilling the object of this law ”, reads the new law.

Likewise, it makes it clear that miners who are not accepted into the banking system will have the option of being received by the Agrarian Bank.

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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