Tech and Connectivity: The Keys to Financial Inclusion in Mexico

Digitalization has opened a crucial door to integrating millions of Mexicans into the financial system who, until now, have remained excluded. However, achieving effective inclusion in communities without physical bank branches is not a simple task; it first requires closing the digital edge that still persists across large parts of the country.

Despite Mexico having nearly 100 million internet users, a figure that makes it the second-largest country in Latin America in terms of internet users, 29% of the population still lacks access to this essential tool. Meanwhile, although 79% of Mexicans own a mobile phone, less than 20% use mobile banking, according to data from the Statista platform. This scenario highlights a critical reality: connectivity is key for digital financial tools to reach those who need them the most.

Financial Inclusion: A Tool for Social Change

Financial inclusion goes beyond access to bank accounts. It means enabling millions of Mexicans to perform transactions, make payments, send and receive remittances, manage income, and access credit to improve their quality of life. Decentralized communities are the most affected by the lack of access to financial services, which limits their economic growth potential and perpetuates cycles of poverty.

In this context, fintech companies have emerged as agents of social change. These companies not only provide digital financial services but also help reduce inequalities by offering tools that were previously inaccessible to many.

For example, at Sistema de Transferencias y Pagos (STP), a Mexican fintech with over 16 years in the market, we focus on transforming how digital payments and collections are made through solutions that allow clients to integrate systems like SPEI, CoDi, and Dimo, operated by the Bank of Mexico (Banxico). These efforts aim to democratize financial services by providing safe, instant, and efficient payment solutions that foster business growth.

Connectivity as the Cornerstone

However, these tools are only useful if people can access them. One of the main barriers today is connectivity. Although mobile phone usage has grown significantly, some parts of the country still lack internet access, automatically excluding them from the benefits of financial digitalization.

The fintech sector is advancing toward fully digital banking, but this evolution must be accompanied by strengthened connectivity in remote areas to prevent the digital divide from widening further.

The lack of technological infrastructure in decentralized regions not only limits access to financial services but also reduces educational, employment, and economic development opportunities. Addressing this issue requires an integrated strategy combining efforts from both the public and private sectors.

Fintech as a Bridge for SMEs

In addition to benefiting consumers, digital solutions drive small and medium-sized enterprises (SMEs), which represent 99% of Mexican businesses and generate about 52% of the country’s GDP. However, many SMEs still operate informally or use limited payment systems, reducing their competitiveness and growth potential.

Platforms like STP enable these businesses to access financial tools that optimize operations and allow them to integrate into the digital ecosystem. This not only increases their revenue but also makes them more attractive to new customers and business partners.

For instance, systems like CoDi, which facilitates instant payments and collections through QR codes, are particularly useful for small businesses. They eliminate the need for cash handling, reduce security risks, and foster greater transparency in their operations.

Beyond the Numbers

Financial inclusion also profoundly impacts individuals. For a family living in a remote community, the ability to receive digital remittances, transfer money for emergencies, or access a microloan can mean the difference between economic stability and vulnerability.

STP’s mission is to equip companies and businesses with the necessary technological tools so that they, in turn, can drive financial inclusion across the country. Technology allows us to reach places that were once inaccessible, and with innovative products, we are building a more equitable future.

These tools promote financial education, as users must learn to use digital platforms, manage their finances, and plan resources better. This creates a virtuous circle in which technology not only facilitates access but also empowers individuals to make more informed financial decisions.

The path to financial inclusion in Mexico is not without challenges. As fintechs advance their mission to bring services to disconnected communities, it is crucial for authorities and companies to work together to ensure internet access and mobile devices in the most vulnerable areas.

Banxico plays a vital role in developing and promoting systems like SPEI and CoDi, which facilitate digital transactions and encourage the adoption of financial technologies nationwide. However, for these tools to be effective, they must be accompanied by education and training campaigns to help users understand their functionality and benefits.

As more individuals and businesses adopt digital tools, Mexico is taking firm steps toward a more accessible and equitable financial system. Technology is not the sole key, it is an essential element in ensuring that no one is left behind.

With tech solutions like those from STP and a collaborative approach between traditional and emerging financial sector players, financial inclusion transitions from being a distant ideal to a tangible reality. The challenge now is to ensure that technological and geographical barriers no longer limit opportunities for millions of Mexicans.