Nequi becomes independent from Bancolombia, keeps free ATM withdrawals for millions

Nequi, Colombia’s most used digital wallet, will separate from Bancolombia and operate as an independent financing company under the supervision of the Superintendencia Financiera. The change, effective 1 September, is administrative and will not alter the user experience for its more than 20 million customers. Free cash withdrawals will continue at Bancolombia ATMs and correspondent points, and all digital services – money transfers, PSE recharges, credit requests and customer support – remain unchanged. Deposits stay protected by Fogafín insurance up to 50 million pesos. Nequi will still belong to the Grupo Cibest holding (formerly Grupo Bancolombia) and may expand its product portfolio to include higher‑value loans, savings and investment options. The company warned users to verify communications through official channels to avoid scams during the transition.