Mexico Advances SME Credit, Digital Security Agenda

Mexico’s financial authorities and fintech leaders are intensifying regulatory coordination and digital security efforts to close persistent inclusion gaps, as mobile banking adoption reached 69% in 2024. The push is anchored in Plan México, which targets a 30% sustainable credit access rate for SMEs through a MX$4 billion development fund and expanded interoperability across the 6 billion digital transactions processed annually via Banco de México’s infrastructure. The measures directly affect the country’s 88 licensed fintech institutions, as well as the broader manufacturing and retail sectors, by seeking to reduce Mexico’s 80% cash-reliance rate through stronger cybersecurity frameworks and integrated digital payment standards.

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Mexico’s financial authorities and fintech leaders gathered at the Fintech México Festival 2026 to address structural challenges in financial inclusion, digital security and regulatory coordination, while outlining policy and industry measures aimed at expanding access and strengthening trust in digital finance.

María del Carmen Bonilla, undersecretary at the Ministry of Finance and Public Credit (SHCP), said the financial system is undergoing structural transformation driven by digital technology, but significant gaps remain in access and user protection. “Digitalization brings many opportunities, but also challenges such as fraud, identity theft and cyberattacks,” Bonilla said. “Around 30% of the population still expresses concerns about digital security.”

Bonilla reported that Mexico’s 2018 Fintech Law currently regulates 88 financial technology institutions in operation, alongside more than 1,000 companies providing payment, credit and identity services. Mobile banking adoption rose from 54% in 2021 to 69% in 2024, while the use of physical bank branches declined.

Despite progress, Bonilla emphasized that expanding financial inclusion and strengthening system security remain priorities. She outlined four policy actions: improving interoperability among payment systems, reinforcing cybersecurity and data protection frameworks, expanding digital payments to underserved populations and supporting innovation under financial stability and consumer protection criteria. “We want a financial system that maintains its dynamism, with security and confidence as its pillars,” she said.

Altagracia Gómez Sierra, head, Presidential Business Advisory Council, said access to credit remains a major constraint for small and medium enterprises (SMEs). “We are still reaching too few companies,” Gómez said. “One of the objectives of Plan México is that at least 30% of our companies have access to credit or capital in a sustainable way.”

Gómez said authorities are working with financial institutions to improve financial education, promote digital payments, reduce transaction costs, expand infrastructure and position Mexico as a platform for financial innovation. She also announced funding initiatives to support business financing. “There is a MX$4 billion fund, along with additional contributions from development banks, to help companies obtain their first financing,” she said.

Felipe Vallejo, president, Fintech México, said fintech firms are expanding financial access but must also protect system integrity and prevent misuse. “One out of every four fintech users had never had a financial service before,” Vallejo said. “Our commitment is not only growth, but ensuring that legitimate businesses are strengthened and that illicit activities do not use our platforms.”

Claudia Núñez Sañudo, director general, Fintech México, said trust remains the central barrier to adoption. “The challenge of the financial system is not technical; it is adaptive,” Núñez said. “It is about generating trust, changing behavior and improving financial education.”

She added that digital finance has the potential to expand access but requires coordination among regulators, industry and users. “Financial well-being is a collective decision,” she said.

Óscar Rosado Jiménez, president, National Commission for the Protection and Defense of Financial Services Users (CONDUSEF), warned about rising debt risks and the continued reliance on cash. “We remain an economy where about 80% of transactions are conducted in cash,” Rosado said. “The challenge is to digitalize transactions securely and ensure users understand the risks of credit.”

Rosado noted that rising credit activity has increased exposure to repayment risks and emphasized the importance of financial education. “Credit has two sides: it can foster growth, but it can also create risk if not used responsibly,” he said.

Ángel Cabrera Mendoza, president, National Banking and Securities Commission (CNBV), said regulatory adaptation is necessary to support fintech expansion while protecting users. “The objective of fintech is not to replicate traditional banking, but to expand access where the financial system has not reached,” Cabrera said.

He identified three priorities: early financial education, stronger regulatory frameworks and broader adoption of digital payments. “The technological infrastructure exists. The challenge now is coordination, trust and long-term vision,” he said.

Omar Mejía Castelazo, deputy governor, Mexico’s central bank (Banxico), said financial innovation must operate alongside system stability. “Innovation must also be associated with stability in the financial system,” Mejía said. “Digital financial services have contributed to greater inclusion, which strengthens the effectiveness of monetary policy.”

Mejía highlighted the growth of the country’s digital payment infrastructure, including more than 6 billion transactions processed through the interbank payment system in 2025. He noted that fintech firms are increasingly integrated into core financial infrastructure.

Susannah Goshko, ambassador of the United Kingdom to Mexico, said international cooperation remains key to fintech growth. “The future of finance is built through cooperation, innovation and the commitment to improve people’s lives,” Goshko said.

Manola Zabalza Aldama, Mexico City’s minister of economic development, said fintech tools must support productive sectors beyond consumer services. “We want fintech solutions to be applied to manufacturing, production and business operations,” Zabalza said.

While Mexico has built regulatory frameworks and digital infrastructure, challenges remain in expanding inclusion, strengthening cybersecurity, reducing reliance on cash and building user trust. Authorities and industry leaders agreed that coordination between government, regulators and fintech companies will determine whether digital finance can broaden access while preserving system stability and consumer protection.