The National Banking and Securities Commission (CNBV) and INEGI presented the National Survey of Financial Inclusion (ENIF) 2021. The survey revealed that most Mexicans hold financial assets. “The objective of this survey is to generate statistical information and official indicators at the national, regional and local levels that allow financial authorities to make diagnoses, design public policies and establish goals in terms of inclusion and financial education,” reads SHCP’s press release.
The survey indicated that 56.7 million people between the ages of 18 and 70 in Mexico, which represents 67.8 percent of the general population, had some type of formal financial product (savings, credit, insurance or Afore account). The national survey also showed a steep increase in comparison to 2018, when the figure was 54 million people. In terms of assets, 61.9 percent of women and 74.3 percent of men in Mexico had at least one formal financial product in 2021.
The study highlights that the Northeast region had the highest percentage of ownership of these products in the country (77 percent), followed by the Northwest (75.7 percent), Mexico City (74.2 percent) and the West and Bajio (69.3 percent). The smallest percentages were registered in the Central South and East (62.0 percent) and South (60.1 percent) regions. 49.1 percent of the population aged 18 to 70 (41.1 million people) in Mexico had an account in a bank or financial institution. “In 2018, this proportion was 47.1 percent,” explained the report.
Digitalization is a crucial component of Mexico’s financial inclusion strategy. Facilitating access to financial products and services to private clients and MSMEs while growing digital payments in both the public and private sector are two of the main objectives of the National Financial Inclusion Policy established for 2024, according to the National Banking and Trading Commission (CNBV).
Digitalization efforts have been most evident in the private sector, mostly led by fintech companies. These players have been essential in the digitalization of the financial system, partly because of banks’ resistance to change and their disinterest in providing financial services and capital access to the unbanked Mexican population. Having said that, banks have gradually delved into new business models through apps that give users more freedom when managing their finances, even allying with fintech newcomers to further strengthen their offering, as reported by MB.