Lulo Bank Pioneers Electronic Promissory Notes in Colombia: A Fintech First
- Colombia’s financial sector is undergoing a rapid digital transformation and February 22, 2026, Lulo Bank received recognition from the Colombian Stock Exchange (BVC) as the first neobank in...
- The recognition was presented during the Premios Artífices – Arquitectos del Cambio awards, an initiative by the BVC that honors entities driving modernization in the capital markets and...
- An electronic promissory note functions identically to its traditional paper counterpart – it’s the document formalizing a borrower’s obligation to a bank.
Colombia’s financial sector is undergoing a rapid digital transformation and , Lulo Bank received recognition from the Colombian Stock Exchange (BVC) as the first neobank in the country to issue an electronic promissory note. This milestone marks a significant step forward in the formalization of credit obligations within Colombia.
The recognition was presented during the Premios Artífices – Arquitectos del Cambio awards, an initiative by the BVC that honors entities driving modernization in the capital markets and financial ecosystem, particularly through technological innovation. The award coincides with the anniversary of the first electronic promissory note signed in the country, a key instrument in the digitalization of credit.
An electronic promissory note functions identically to its traditional paper counterpart – it’s the document formalizing a borrower’s obligation to a bank. It outlines the terms of the loan, payment commitments, and consequences of default. The key difference lies in its digital format, which promises increased agility, traceability, and efficiency for both financial institutions and users.
Lulo Bank views this achievement as more than just an internal success. Ignacio Giraldo, CEO of Lulo Bank, stated that this development signals a broader evolution of the Colombian financial system towards more agile, efficient, and digital models. He emphasized that technology isn’t merely about improving customer experience, but also about building infrastructure, opening markets, and fostering trust.
The move towards electronic promissory notes comes as Colombia experiences increasing financial inclusion. According to data cited by the International Holding Company (IHC) in , access to financial products in Colombia had risen to 87%.
This progress is occurring alongside significant growth in the fintech sector. IHC CEO Syed Basar Shueb noted that the Latin American fintech ecosystem has grown rapidly in recent years, with digital banking experiencing an average annual growth rate of 57% between and . This growth is attracting investment, as evidenced by IHC’s investment of $200 million in Lulo Colombia, increasing their ownership stake to 25%.
Lulo Bank’s success is part of a larger trend of digital transformation in the Colombian financial system. Founded in , when it received its operating license from the Colombian Financial Superintendency, Lulo Bank aims to address frustrations with traditional banking, such as excessive fees, poor in-person experiences, and inadequate customer service. By the end of , Lulo Bank had already acquired 250,000 customers in Colombia and anticipates exceeding one million in the coming years.
The adoption of electronic promissory notes is also occurring within a broader context of increased digitalization of credit in Colombia. According to data released on , more than 65% of digital credit in Colombia is now supported by electronic promissory notes held by the Centralized Securities Deposit (DECEVAL). The total number of electronic promissory notes issued has exceeded 36 million over the past 15 years, representing a 291% increase in issuance over the last five years.
This shift towards digital instruments is streamlining processes and reducing costs, benefiting both lenders and borrowers. Guillermo González, Deputy Manager of Digital Services and Registration of Nuam, highlighted the role of electronic promissory notes in expanding access to credit and strengthening financial inclusion.
Lulo Bank’s CEO, Ignacio Giraldo, emphasized that digital banking is not simply about having an application, but about fundamentally transforming how the financial system operates. He stated, “We are convinced that the banking of the future is built with technology, but also with responsibility and a long-term vision.”
The BVC’s recognition of Lulo Bank underscores the commitment of the digital banking sector in Colombia to long-term vision and responsible innovation. During the Gran Foro Colombia 2026, Giraldo highlighted the potential of financial innovation as a tool to expand credit access and stimulate economic growth.