Fogafin

Name

Fogafin

Legal name

Fondo de Garantías de Instituciones Financieras - Fogafín

Website

https://fogafin.gov.co

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Bogotá

HQ country

Colombia

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Prima del Seguro de Depósitos (Deposit Insurance Premium): Financial entities inscribed in Fogafín pay a quarterly premium equivalent to 0.3% annual rate on the amount of insured claims. The premium is calculated based on the simple average of balance sheet closing figures for the quarter. Payment dates are the last 3 business days of July, October, January, and April.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Fogafín administers Colombia's mandatory Deposit Insurance System (Seguro de Depósitos), guaranteeing depositors up to 50 million Colombian pesos per person per financial institution in the event of liquidation. All banks, financial corporations, financing companies, and specialized electronic deposit and payment societies (SEDPES) operating in Colombia are automatically inscribed. Inscribed entities pay a quarterly premium of 0.3% annual rate on insured claims, and Fogafín also provides financial intervention and resolution mechanisms for institutions in crisis as part of the country's Financial Safety Net.

Product overview

Fogafín operates as a unified Deposit Insurance System (Seguro de Depósitos) rather than a platform-plus-modules architecture. The core product is the Deposit Insurance, which automatically covers savings products of enrolled financial institutions (banks, financial corporations, financing companies, and electronic deposit societies) up to 50 million pesos per depositor per entity. Supporting this core offering are digital tools including the Deposit Insurance Calculator, the Individual Deposits Format transmission system, and the Deposit Insurance Premium payment system. For enrolled entities, Fogafín provides the Deposit Insurance Enrollment system, Premium payment processing, Loans and Repos financial support, and educational dissemination kits. For citizens, services include the Virtual Single Window (PQRSDA mailbox, procedure tracking, payment requests), the Camino del Ahorro Seguro outreach program, the Historias del Bolsillo educational videopodcast, and Fogafín para Niños children's educational platform. Fogafín also offers interactive Deposit Insurance Indicators reports for public transparency.

Differentiator

Problem solved

Functional benefit

Products and services

• Seguro de Depósitos (Deposit Insurance) The primary product administered by Fogafín, providing automatic coverage to depositors of up to 50 million Colombian pesos per person per entity in case of liquidation of an enrolled financial institution. Covers savings accounts, checking accounts, CDs (CDT), special savings accounts, mortgage bonds, and special deposits.
• Prima del Seguro de Depósitos (Deposit Insurance Premium System) Quarterly premium payment system for enrolled financial institutions, calculated at 0.3% annual rate on protected claims, payable through the Banco de la República's SEBRA electronic services on the last 3 business days of July, October, January, and April.
• Préstamos y Repos (Loans and Repos) Financial support through loans and repos offered by Fogafín to financial entities in recovery process, subject to requirements, formats, and established guarantees as part of intervention mechanisms.
• Sistema de Inscripción al Seguro de Depósitos (Deposit Insurance Enrollment System) Registration system for financial entities to enroll in the Deposit Insurance System, including requirements and procedures for banks, financial corporations, financing companies, and electronic deposit and payment societies (SEDPES).
• Aplicativo de Pago del Seguro de Depósitos (Deposit Insurance Payment Application) Digital application system used to execute the payment of Deposit Insurance to depositors when an enrolled entity enters liquidation. Fogafín has shared this implementation experience with Paraguay under a Memorandum of Understanding.

Quantifiable outcome

• 40 years protecting Colombian savings without systemic failures
• +2 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

18 partnerships are on record, tiered core and minor.

• International Association of Deposit Insurers (IADI)coreStrategic or Co-development PartnerFogafín is a member of IADI, the global organization for deposit insurers. IADI publishes the Core Principles for Effective Deposit Insurance Systems and facilitates international cooperation and best practice sharing among deposit insurers worldwide.
• Fondo de Garantía de Depósitos (FGD) - Costa RicaminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Fundo Garantidor de Créditos (FGC) - BrazilminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Corporación Del Seguro De Depósitos (COSEDE) - EcuadorminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• ESISUISSE - SwitzerlandminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Fondo de Garantía de Depósitos (FGD) - ParaguayminorStrategic or Co-development PartnerFogafín provided technical assistance to Paraguay on implementation and operation of the deposit insurance payment application, under an MOU.
• Corporación De Protección Del Ahorro Bancario (COPAB) - UruguayminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• FOGACOOP - ColombiaminorStrategic or Co-development PartnerMOU with Colombian cooperative deposit insurer for cooperation and information exchange.
• Fondo de Garantía de Depósitos (FOGADE) - NicaraguaminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Federal Deposit Insurance Corporation (FDIC) - United StatesminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Instituto de Garantía de Depósitos (IGD) - El SalvadorminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Instituto para la Protección al Ahorro Bancario (IPAB) - MexicominorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Fondo de Garantía de Depósitos (FGD) - SpainminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Kenia Deposit Insurance Corporation (KDIC) - KenyaminorStrategic or Co-development PartnerMOU for exchange of information, technical training, and cooperation in deposit insurance matters.
• Ministerio de Hacienda y Crédito PúblicocoreStrategic or Co-development PartnerFogafín is an entity attached to the Ministry of Hacienda, which coordinates macroeconomic policy and ensures fiscal and economic conditions for reliable and competitive financial activity.
• Superintendencia Financiera de ColombiacoreStrategic or Co-development PartnerSupervisory authority that promotes stability, confidence, and development of the financial system. Part of the Red de Seguridad del Sistema Financiero together with Fogafín.
• Banco de la RepúblicacoreStrategic or Co-development PartnerCentral bank that contributes to financial stability and is the lender of last resort for financial institutions. Part of the Red de Seguridad del Sistema Financiero.
• Unidad de Regulación Financiera (URF)coreStrategic or Co-development PartnerSpecial administrative unit attached to the Ministry of Hacienda, responsible for regulatory preparation and knowledge generation in monetary and credit matters. Part of the Red de Seguridad del Sistema Financiero.

Scale indicators5 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Financial Services Compensation Scheme (FSCS): UK's statutory deposit and investment protection scheme, providing broader compensation coverage including deposits, investments, and insurance. Comparable institutional function with wider product scope than Fogafín's deposit-only mandate.

Direct peers

• Federal Deposit Insurance Corporation (FDIC): The US deposit insurance corporation that guarantees deposits at member banks and manages institution resolutions. Most direct functional peer to Fogafín: administers deposit insurance premiums, monitors institution risk, and executes resolutions. Fogafín holds an MOU with the FDIC for technical cooperation.
• Korea Deposit Insurance Corporation (KDIC): South Korea's deposit insurance corporation providing deposit insurance and resolution authority. Direct functional peer with similar premium structure and crisis-resolution mandate. KDIC is an MOU partner with Fogafín.
• Corporación del Seguro de Depósitos (COSEDE): Ecuador's deposit insurance corporation, providing mandatory deposit insurance coverage and resolution authority. Andean regional peer with near-identical mandate, premium collection model, and supervisory integration. MOU partner with Fogafín.
• Fundo Garantidor de Créditos (FGC): Brazil's deposit and credit guarantee institution, providing similar deposit insurance and resolution functions. Direct regional peer with comparable scope, premium model, and Latin American regulatory context. Fogafín holds an MOU with FGC.
• Canada Deposit Insurance Corporation (CDIC): Canada's federal deposit insurance corporation, providing deposit insurance and resolution authority for Canadian member institutions. Direct functional peer with similar premium model and risk-based approach, though operating in a developed-market context.
• Instituto para la Protección al Ahorro Bancario (IPAB): Mexico's deposit insurance institution, which protects bank deposits and resolves troubled banks. Direct regional peer with similar mandate, premium structure, and integration into the financial safety net. Fogafín has an active MOU with IPAB.
• Fondo de Garantía de Depósitos (FGD) - Paraguay: Paraguay's deposit guarantee fund, providing deposit insurance in the Paraguayan financial system. Direct regional peer; Fogafín has specifically provided technical assistance to FGD Paraguay on payment application implementation under an MOU.

Regional players

• Fondo de Garantía de Depósitos (FOGADE): Venezuela's deposit guarantee fund, providing deposit insurance within the Venezuelan financial system. Latin American peer with similar institutional design, though operating in a markedly different economic environment that affects scale and effectiveness.

Others

• International Association of Deposit Insurers (IADI): Global umbrella organization of which Fogafín is a member and Vice President of the Latin America Regional Committee. Sets the Core Principles for Effective Deposit Insurance Systems and facilitates international cooperation among deposit insurers like Fogafín.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/fogafin
• YouTubeyoutube.com/channel/UCfPOnQgiqiWOmZ92uHRggwg
• Facebookfacebook.com/Fogafin
• Instagraminstagram.com/fogafin/?hl=es-la
• LinkedInlinkedin.com/company/fogafin

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fogafin