More than a decade ago, in 2012, Mexico had a financial system that was difficult to access and highly unequal. At that time, only 66% of adults had some kind of financial product, while only 35.5% saved through formal channels. Furthermore, a significant portion of the population relied on informal practices, such as keeping money at home or borrowing from family members, reflecting low financial literacy and limited trust in institutions. 

Although efforts to expand coverage began in the early 2010s, it wasn't until June 2016 that the country formally established its first National Financial Inclusion Policy. This initiative marked a turning point by articulating, for the first time, a coordinated strategy aimed at improving access to financial services, expanding the available infrastructure, and strengthening financial education. 

The progress began to show gradually. By 2018, 67.8% of the adult population already had some kind of financial product, and 49.1% had a bank account. Although these figures represented progress, it was moderate and was accompanied by significant regional, gender, and income gaps. The COVID-19 pandemic partially slowed this trend, but it also spurred a key transformation: the adoption of digital payments, fintech, and mobile banking as more accessible alternatives. 

Between 2021 and 2024, Mexico experienced a significant acceleration. Currently, nearly 8 out of every 10 adults hold at least one financial product, the highest level ever recorded in the country. This growth has been driven primarily by digitalization, the expansion of social programs bank account holders and the increased use of mobile apps to manage financial services. 

However, challenges remain. Inclusion is not uniform, and there are still significant gaps among rural populations, women, and the informal sector. For this reason, the new National Financial Inclusion Policy 2025–2030 sets ambitious goals, such as reaching 83% of the population with at least one financial product and expanding access to financing for businesses. The challenge moving forward will not only be to expand coverage but also to ensure effective and high-quality use of these services, so that they truly contribute to financial well-being of individuals.

Francisco Pulido 

Investment Analyst, Fynsa Mexico