Colombia's finance minister said Tuesday the government plans to force banks to lower customer transaction fees because they are excessively high and they prevent many ordinary Colombians from opening bank accounts.

Colombian banks charge a fee of around $7 on many everyday transactions.

Finance Minister Juan Carlos Echeverry told reporters the government is still studying what specific steps to take, but said it may obligate the banks to reduce fees through the use of decree powers.

"I don't want this year to end without taking measures on financial transaction costs," the minister said. "These fees should be at prices that all Colombians can afford."

Echeverry said the government wants more Colombians to use the banking system and that it also wants to reduce the country's use of cash in favor of more electronic transactions. Lower banking fees will help achieve these goals, he said.

Earlier in the year, Echeverry urged the banks to voluntarily reduce their fees, but he said Tuesday that most didn't heed the call. The fees that would be reduced would include ATM transactions, he said.