Improving digitalization and financial inclusion should be one of the pillars of the agenda of the new government, headed by Claudia Sheinbaum, experts from the banking sector agreed.
“Let’s hope that measures are taken in the new administration that begins, let’s hope that digitalization and financial inclusion are among the main topics on the agenda,” commented Carlos Serrano, chief economist at BBVA Mexico.
For the manager, greater financial inclusion can have a positive impact on the fight against corruption and would also benefit tax collection, a task of the Tax Administration System (SAT), although he did not mention data on how far progress can be made.
“A Mexico where payments are more digitalized and less through cash will lead us to a better country because the economy will be more efficient,” he commented.
However, Serrano pointed out that despite the progress in recent years, “the challenge is still enormous.”
“In Mexico, of the total transactions that are 500 pesos or more, 80% are made in cash. “The majority of the economic activity carried out in our country is handled in cash,” he assured.
Another issue that the economist mentioned is that to promote inclusion, financial education must be catapulted, since with it people can know and understand the relevance of digital financial services, as well as increase trust in institutions.
For her part, Miryam Cosío, director of external affairs of the point of sale (POS) terminal company Clip, said that the lack of technology is another of the obstacles that Mexico faces when it comes to promoting financial inclusion, as she argued that this is “very expensive”.
“There is a lack of more technology, it is very expensive to bring financial services to the population that is not banked, we must also provide them with financial education, technology that makes it more affordable,” he commented.
According to the director of Clip, 50% of the adult population in Mexico does not have access to any financial services.
He added that this percentage does not count “not even with the Welfare card”, one of the flagship programs of the presidency of Andrés Manuel López Obrador and which currently continues in the government of Sheinbaum Pardo.
According to Anahí Sosa, who is Fintual’s country manager, she said that Mexico is one of the countries with the least progress in financial inclusion in Latin America, even, she said, Guatemala, Brazil or Argentina are ahead.
Given this fact, he called for “action from today” to improve the country’s financial situation. He added that the work done today will bear fruit in the future.
“If we start working today, in six years we will be where Brazil is today,” he commented.
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