How to Promote Financial Inclusion in Vulnerable Regions

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Financial inclusion is a matter of concern for all nations, as it has the potential to reduce poverty and promote prosperity (World Bank, 2022), thereby enhancing social development, generating economic progress, and fostering financial well-being.

According to the Encuesta Nacional de Inclusión Financiera (ENIF), 23% of Mexico’s population between the ages of 18 and 70 lacks access to financial products (ENIF 2024). Figure 1 shows the main financial products available to the population.

Among the main issues that Mexico needs to address are poverty, economic inequality and lack of technology coverage. According to the National Financial Inclusion Policy 2023, there are six main limiting factors that generate low financial inclusion. The most significant are limited access to financial services, limited adoption of digital payments, poor banking infrastructure and reduced financial protection. Various Mexican institutions and organizations have designed different actions to solve problems such as the dissemination of the concept of financial inclusion, the technological integration of financial products, the enhancement of banking and telecommunications infrastructure, the establishment and operation of the state-owned welfare bank, the Banco del Bienestar, and the organization of financial education forums. (CNBV, 2023).

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