Contrary to what can be believed, in Mexico much progress has been made in financial inclusion, in fact, there is already little room for further growth. According to the data published by INEGI in its National Survey of Financial Inclusion, the percentage of the population between 18 and 70 years old has some financial product in the northwest of Mexico is 82%, in the northeast 75%; in Mexico City 72%; in the south 68%, and in the east 60%.
In other words, in states where there is less poverty and, above all, formal employment, financial inclusion is higher, the data on the holding of a retirement savings account or Afore that is linked to people who have a formal job confirm this, in the Northwest 58% of the population between 18 and 70 have an Afore account; in the northeast 51%; in Mexico City 47%, and in the south only 29%.
Another interesting fact is that at the end of 2019, 98% of the population lives in municipalities with access to banking infrastructure, according to the National Banking Commission.
Where there is an area of opportunity for banking institutions is in access to financial services through cell phones, since only 22% of the population with a formal account from 18 to 70 years old has cell phone banking, because of the 62.2 million people who have a cell phone, 51% have an account at a bank or financial institution.
Various academic studies in journals with international arbitration have concluded that they identified that banks tend to place most of their branches in municipalities with high population density and in areas of medium and high income, and that the granting of financial services is aimed at the population. middle and high income.
Now, are they poor because they don’t have financial services or because they are poor they don’t have financial services? In my opinion the second hypothesis is more real. A public policy to promote financial inclusion can help reduce poverty and improve well-being, but it is not the solution.
That is, people and companies must have a better economy first and it only occurs when we have greater economic growth. We do not have a lack of infrastructure and although technology has helped lower costs, it is of little use if there is little demand for financial services, since in Mexico there is high informality.
Source : From the Web