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Over the last decade, financial inclusion in Mexico advanced, although the country is still below developed countries, explained the area of analysis of Citibanamex.
He highlighted that according to figures from the Global Findex of the World Bankin nations like Germany, Switzerland, Canada, France, Japany USApractically all people over 15 years of age have a bank account in a formal financial institution.
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In Mexico, this measurement has advanced from 27% in 2011 to 46% in 2022.
“However, in countries like Brazil y Argentinathe figure exceeds 60%. Figures only for Mexico indicate that 67.8% of the population has some financial product such as a savings account, formal credit, insurance or Afore, according to the results of the Financial Inclusion Survey (ENIF of INEGI), 2021”.
Citibanamex pointed out that particularly, for formal savings accounts the proportion is 49.1%.
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He highlighted that although this information can be consulted at the regional level, it is not feasible to know its metrics by federal entity or by municipality.
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Interview Title: Advancing Financial Inclusion in Mexico: A Conversation with Expert Maria Torres
Time.news Editor: Good day, readers! Today, I have the pleasure of sitting down with Maria Torres, an esteemed expert on financial systems and inclusion in Latin America. Maria, thank you for joining us!
Maria Torres: Thank you for having me! It’s a pleasure to be here.
Editor: Over the last decade, we’ve witnessed significant strides in financial inclusion across Mexico. Can you share with us what this progress has looked like?
Maria: Certainly! Over the past ten years, Mexico has implemented a series of policies and initiatives aimed at expanding access to financial services. This includes increasing the availability of banking services in rural areas, promoting digital finance, and enhancing consumer protection laws. As a result, millions of Mexicans who were previously excluded from the financial system now have access to basic banking services.
Editor: That’s impressive progress! What would you say were the key drivers behind these advances?
Maria: Several factors contributed to this shift. Firstly, the government’s commitment to promoting financial inclusion as part of its national agenda cannot be overstated. Additionally, there has been a significant increase in mobile phone usage and internet accessibility, which enabled the rise of fintech companies offering innovative solutions. Collaborations between public and private sectors have also played a critical role in establishing inclusive financial products tailored to meet the needs of the underserved populations.
Editor: Speaking of fintech, how have these innovative financial technologies impacted financial inclusion in Mexico?
Maria: Fintech companies have been game-changers! They have disrupted traditional banking by providing accessible and cost-effective solutions. With user-friendly mobile apps, people can now manage their finances, apply for loans, and even save money with minimal effort. For instance, platforms that facilitate microloans have empowered small business owners and entrepreneurs who may not have qualified for traditional loans.
Editor: That’s fascinating! However, what challenges remain in ensuring that financial inclusion is truly a reality for everyone in Mexico?
Maria: There are still several hurdles to overcome. One major challenge is financial literacy; many consumers do not fully understand financial products and services, which hinders their ability to make informed decisions. Additionally, while fintech has made a significant impact, there is still a digital divide in rural areas where access to technology is limited. Lastly, regulatory challenges must be addressed to maintain consumer protections while also fostering innovation in the fintech space.
Editor: Those challenges highlight the importance of a multi-faceted approach. How can stakeholders work together to address these issues effectively?
Maria: It requires collaboration among various stakeholders, including the government, financial institutions, fintech companies, and civil society. We need comprehensive financial education programs to empower consumers. Additionally, building infrastructure in underserved regions to improve internet access will be essential. Policymakers also need to create an adaptive regulatory framework that encourages innovation while safeguarding consumers.
Editor: It sounds like a cohesive effort is key. As we look to the future, what do you envision for financial inclusion in Mexico?
Maria: I am cautiously optimistic. I believe we will see continued innovation and growth in the fintech space, leading to more tailored products for diverse demographics. However, achieving true financial inclusion will take time and effort. If stakeholders prioritize collaboration and education, I can foresee a future where everyone in Mexico, regardless of their socio-economic background, has the opportunity to participate fully in the financial system.
Editor: Thank you, Maria, for your insights and hopeful outlook on financial inclusion in Mexico. It’s a critical conversation that has real implications for the millions of people looking for better financial opportunities.
Maria: Thank you for the opportunity to discuss this important topic!
Editor: And thank you to our readers for joining us today! Stay tuned for more discussions on financial trends and innovations.