Recent public policies to boost financial inclusion in Colombia are showing remarkable results. For example, all municipalities have at least one access point and the number of adults with at least one financial product has increased. Government's commitments lead to the adoption of a National Strategy for Financial Inclusion and opening the mobile money market to non-banking institutions.
In spite of all these changes, the number of dormant accounts still growing and the dominant position of mobile network operators (MNOs) has negatively impact the mobile money market. In order to face dominant position of MNOs, other institutions on the mobile money market (non-MNOs) must use innovative technologies to bring the competence back to the market.
This paper compares the differences of STK (current technology used by most deployment in the country) and NSDT technology which offers independence from MNOs with two factor authentication security.