The Mexico City, Baja California Sur, Nuevo León y Quintana Roo remained the states with the greatest financial inclusion in the country, according to the Citibanamex Index of Financial Inclusion.
Celebrating 20 years of the Financial Education of the bank, the index was revealed which showed that during 2023, 127 municipalities reached a very high inclusion classification, one more compared to 2022. These municipalities concentrate 40.2% of GDP at the national level.
Citibanamex specified that 949 municipalities located in the very low inclusion stratum barely contribute with 2.8% of the country’s GDP.
“Although the strata of high and very high financial inclusion at the municipal level remain without many changes, greater progress is perceived in those who belong to the middle stratum, with an increase in 47% Compared to the previous year, municipalities with very low financial inclusion decreased 17%, the largest decrease since 2018,” the report states.
“We are convinced that financial inclusion is a driver of economic and social development, therefore, we contribute to its promotion,” said Sergio Kurczyn, director of Economic Studies of Citibanamex.
Juan Luis Ordaz, director of Financial Education of the bank, assured that two decades ago, the issue was not relevant… until 2004 when they created the program. “We have worked to promote inclusion in the population.”
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Interview between Time.news Editor and Financial Inclusion Expert
Editor: Welcome to Time.news! Today we’re diving into an important topic: financial inclusion in Mexico. I’m joined by Dr. Laura Medina, a renowned expert in economic development and financial systems. Laura, thank you for being here!
Dr. Medina: Thank you for having me! It’s exciting to discuss financial inclusion, especially in the context of Mexico.
Editor: Let’s get right into it. Recent reports indicate that Mexico City, Baja California Sur, Nuevo León, and Quintana Roo are the states demonstrating the greatest financial inclusion in the country. What do you think sets these regions apart?
Dr. Medina: That’s an excellent question. These states have embraced a variety of financial technologies and services that cater to diverse populations. For instance, Mexico City is a hub of innovation and has a high concentration of fintech companies providing access to banking services that were previously unavailable. Meanwhile, Baja California Sur and Quintana Roo leverage tourism to enhance local economies, creating more opportunities for financial services to flourish.
Editor: It’s interesting that tourism plays a significant role. Can you elaborate on how that affects financial inclusion in those areas?
Dr. Medina: Absolutely. The influx of tourists creates demand for a range of financial products—from currency exchange to credit services—that can stimulate the local economy. Additionally, the need for businesses to process international payments drives investment in digital platforms, which ultimately benefits both locals and visitors.
Editor: How about Nuevo León? What makes it stand out in terms of financial inclusion?
Dr. Medina: Nuevo León has a strong industrial base and a robust infrastructure. The government has implemented policies aimed at increasing access to banking services, particularly in rural areas. Furthermore, local partnerships with fintech companies have expanded digital literacy and accessibility, allowing more people to manage their finances effectively.
Editor: You mentioned digital literacy. How important is it in promoting financial inclusion, especially in regions like these?
Dr. Medina: Digital literacy is crucial. It empowers individuals to utilize financial services confidently and responsibly. Programs aimed at educating citizens about digital banking, budgeting, and investing can demystify these services. Without it, even the best technology might not make a significant impact because people need to feel comfortable navigating these platforms.
Editor: Looking forward, what challenges do you foresee for financial inclusion in Mexico?
Dr. Medina: There are several hurdles. One major challenge is the persistently high levels of poverty and informality in the economy, which can limit access to traditional banking services. Additionally, there’s a need for ongoing investment in technology infrastructure, especially in rural areas. Ensuring that all citizens can access and benefit from financial services requires a coordinated effort from both the private and public sectors.
Editor: As we close our discussion, what gives you hope regarding the future of financial inclusion in Mexico?
Dr. Medina: I’m optimistic because of the increasing collaboration between government, private sectors, and civil society. The growing awareness of financial literacy initiatives and innovative fintech solutions shows that progress is being made. With continued focus and investment, we can expand access to financial resources to create a more inclusive economy.
Editor: Thank you, Dr. Medina, for sharing your insights. It’s clear that while challenges remain, there’s a lot of potential for advancing financial inclusion in Mexico. We appreciate your time!
Dr. Medina: Thank you! It was a pleasure discussing this vital issue with you.