Colombia's transition to digital financial systems has accelerated rapidly in recent years, with digital wallets and instant payments increasingly replacing hard cash and wire transfers. While digitalisation has improved access to financial services and products for Colombians, many, especially those from vulnerable households, continue to face barriers to fully participating in the financial system.
Researchers from the University of Oxford, York University, and the Interledger Foundation are undertaking a new project - The Architectures of Trust in Financial Inclusion Systems - to investigate these invisible barriers, with a focus on how trust, transparency, and the design of financial products and services impact financial inclusion.
Led by the Centre on Migration, Policy and Society (COMPAS), the project will focus on Medellín - Colombia's second-largest city with a developed financial sector, but persistent inequalities in income, access to information, and economic opportunity.
Researchers will explore how people in Medellín evaluate both financial products and the institutions that provide them, with a focus on vulnerable households that are often underserved by formal financial systems. The project will also assess which financial products people prefer, why they prefer them, and how broader social, economic and institutional relationships influence those choices.
Carlos Vargas-Silva, Professor of Migration Studies at COMPAS and the project’s Principal Investigator, said:
“Many people do not access financial products and services because they perceive them as confusing, expensive, or untrustworthy. Others engage with them without fully understanding the terms, conditions, or risks involved. In this context, transparency and trust are central to financial inclusion, influencing both decision-making and effective engagement with financial institutions.
“We are proud to lead on this important and timely research project - made possible through funding from the Interledger Foundation - to ultimately help break down the barriers to financial participation in Colombia and beyond."
Briana Marbury, President & CEO of the Interledger Foundation, said:
"Financial inclusion is ultimately about trust. While access remains important, meaningful inclusion depends on whether people feel confident that financial systems, institutions, and services will work for them, protect their interests, and support their aspirations. The way people experience financial products and services shapes their willingness to engage with them and determines whether access translates into genuine economic opportunity and agency.
“We are delighted to partner with COMPAS on the Architectures of Trust in Financial Inclusion Systems project. By bringing together research, policy, and practice, this collaboration will help deepen our understanding of how trust is built, maintained, and sustained across financial ecosystems. Together, we hope to contribute to a future where financial systems are designed not only to reach more people, but to serve them in ways that are inclusive, equitable, and responsive to the realities of their lives."
The project will run for one year. Key milestones in 2026 include a conference in Colombia and a workshop in Oxford, with the publication of research findings scheduled for early 2027.
For more information, contact Principal Investigator:
carlos.vargas-silva@compas.ox.ac.uk
