In 2020, the financial inclusion in Mexico regressed as a result of the effects of the pandemic of Covid-19, revealed Citibanamex.
The Financial Inclusion Index 2021, prepared by the bank’s economic studies and financial education areas, states that in said period, transactions in point of sale terminals (POS), Credit cards, credit usually, savings accounts, operations in ATMs and branches of the commercial banking.
“For the first time, since the beginning of this research, 6 variables of the indicator fell, which negatively affected the index as a whole, since it fell back to the values observed between 2018 and 2019,” says Citibanamex.
Juan Luis Ordaz, director of financial education at the bank, explained that in Mexico, the negative impact of the recession generated by the pandemic, spread to the financial inclusion, and detailed that although access points to financial services continued to grow, their use showed significant drops.
As an example, he stressed that there were rallies in access points and in contracts that use Mobile banking and TPV’s, but at the same time a decrease in the use of ATMs, savings and credit accounts.
The Index of Citibanamex Financial Inclusion, measures the level of penetration of financial products and services offered by banks, as well as their level of use in the states and municipalities of the country, and is constructed from 14 variables for 32 entities and 2,465 municipalities-mayors from the country.
Four states with very high inclusion
According to the institution, in 2020 only four states were classified with a very high financial inclusion: Mexico City, New Lion, Quintana Roo and Baja California Sur; while in the upper and middle range, 13 states remained; and states with low and very low increased from 12 to 15 between 2019 and 2020.
The document highlights that in said year, the number of municipalities with very high financial inclusion it fell from 86 to 77 municipalities, reaching a level very similar to that of 2018.
Likewise, municipalities with high inclusion decreased from 219 in 2019 to 179 in 2020; those of average level rose from 239 to 247 in the same period; those of low inclusion moved from 487 to 526; and the very low ones increased marginally from 1,432 to 1,436.
“The results of the Index and the analysis of its components suggest that the degree of financial inclusion of the states is highly correlated with some economic issues: the higher the PIB per cápita, higher level of financial inclusion, “he says.
Thus, in 2020, 3.1% of the municipalities classified as very high financial inclusion, concentrate 33% of the NIBional start; and on the other hand, the 1,436 classified with a very low level, represent 6.5%.
There have been advances, but there is still an opportunity
Gabriel Yorio, Undersecretary of Finance, considered that although there have been great advances in terms of financial inclusion, opportunities remain, for which he considered that more advantages should be taken from the financial system.
He mentioned some public policy actions that seek to achieve greater financial inclusion in the country, such is the case of the Digital Collection (Codi); the promulgation of the Ley Fintech that promotes the use of this type of platform; and Direct Cetes, through which any Mexican can invest in government instruments.
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Reference-www.eleconomista.com.mx