Financial Exclusion in Mexico: Causes, Impacts, and Challenges for Inclusion

• 
  Tenet Consultores
• 15 agosto, 2025

Financial exclusion is a phenomenon that prevents part of the population from accessing and using basic financial services such as bank accounts, credit, insurance, or savings instruments. This lack of access can stem from multiple causes: from economic and geographic barriers to distrust in institutions, lack of infrastructure, or limited financial literacy. In all cases, its consequences go beyond the individual, as it hinders social mobility, limits well-being, and perpetuates economic and social inequality.

In Mexico, financial exclusion has been recognized as a structural problem affecting millions of people. The National Financial Inclusion Policy (PNIF), introduced in 2020, identified that this exclusion leads to limited financial health, directly impacts poverty levels, and hinders the country’s economic development. The PNIF proposes strategies to promote inclusion and strengthen the population’s economic-financial skills, in addition to improving consumer protection for financial products and services.

Despite these efforts, the challenge remains enormous. The most recent data show persistent gaps between urban and rural areas, between men and women, and among different income and education levels. Likewise, access to and use of financial products, adoption of digital payments, infrastructure coverage, and financial education continue to lag behind.

1. General Overview of Financial Exclusion

In simple terms, financial exclusion means that a person lacks access to formal financial services. This may mean not having a bank account, being unable to access credit or insurance, or lacking tools to save and invest. It also includes cases in which people do have access but do not make effective use of these services, whether due to lack of knowledge, distrust, or a perceived lack of need.

The consequences are far-reaching: without a bank account or formal means of saving, people are less prepared for emergencies, less able to invest in education or housing, and more vulnerable to economic crises. Moreover, being outside the formal financial system means they do not build credit histories that could allow them to access better financing conditions in the future.

In Mexico, this phenomenon mainly affects vulnerable groups: low-income individuals, rural residents, women, older adults, migrants, and people with low education levels.

2. The Mexican Context: Progress and Gaps

According to the National Financial Inclusion Survey (ENIF) 2024, eight out of ten people in Mexico have some type of financial product, such as a savings account, credit, insurance, or retirement fund (afores). However, this figure should not be interpreted as full inclusion, since active and effective use of these products remains limited. For example, only 2.25% of the population uses fixed-term savings accounts.

Between 2021 and 2024, the percentage of people with deposit accounts increased from 49% to 63%, primarily driven by accounts opened through social programs administered by Banco del Bienestar. However, inclusion through conditional transfers does not guarantee that people develop savings, credit, or investment habits.

3. Causes of Financial Exclusion

Low ownership and use of financial products and services

Although the proportion of people with accounts has increased, the figures show that a large part of the population does not actively use these services.

Lack of sufficient income remains one of the main barriers. Many people believe their resources are not high enough to justify opening an account, especially if it involves maintenance fees or commissions.

In the case of businesses, the 2024 National Business Financing Survey (ENAFIN) indicates that only 34.4% reported having financing. Microenterprises are the most affected: only 44% have access to credit, compared to 72% of medium-sized and 65% of large companies.

Limited use of digital payments

Cash remains the most widely used payment method. 85% of transactions of 500 pesos or less are made in cash, as well as 73% of transactions for higher amounts. While digital payments offer advantages such as reduced costs, creation of credit histories, and greater security, adoption is hindered by lack of trust, lack of knowledge, and low technological infrastructure.

Insufficient financial infrastructure

Coverage of branches, ATMs, and banking agents remains uneven. 78% of municipalities have an ATM, leaving the remaining 22% at a disadvantage. In rural areas, the distances to access these services can be significant, increasing costs and reducing frequent use.

Low economic-financial skills

Only two out of ten adults keep a budget, and just 54% know where to file a complaint if they have problems with a financial product. Lack of financial education limits people’s ability to make informed decisions and take advantage of opportunities offered by the system.

Insufficient protection and trust mechanisms

The growth of digitalization has brought risks such as fraud, identity theft, and misuse of personal data. Perceptions of insecurity and lack of transparency fuel distrust toward financial institutions.

Exclusion of vulnerable groups

The rural–urban gap in financial product ownership is 16 percentage points. Women, older adults, people with low education levels, and migrants face additional obstacles, from lack of resources to absence of official documentation.

4. Effects of Financial Exclusion

Financial exclusion not only limits individual opportunities but also has macroeconomic effects. Its main consequences include:

5. Challenges and Strategies for Inclusion

Overcoming financial exclusion requires a comprehensive approach combining infrastructure, education, digitalization, and trust. Key challenges include:

Financial inclusion is not only a goal for the banking sector but also an essential component of economic and social development. Mexico has shown progress in account opening and infrastructure growth, but structural barriers remain that require urgent attention.

Effective implementation of policies such as the PNIF—along with collaboration between government, the private sector, and civil society—will be key to ensuring that more people can access, use, and benefit from formal financial services. The goal should not be limited to opening accounts, but to fostering active and informed use that improves quality of life and contributes to the country’s sustainable development.

References:

Consejo Nacional de Inclusión Financiera (CONAIF) & Comité de Educación Financiera (CEF). (2020). Política Nacional de Inclusión Financiera (PNIF). Gobierno de México: https://www.gob.mx/cms/uploads/attachment/file/643214/PNIF__2020.pdf

 Comisión Nacional Bancaria de Valores (CNBV) & Instituto Nacional de Geografía y Estadística (INEGI). (2025). Encuesta Nacional de Inclusión Financiera (ENIF) 2024. https://www.cnbv.gob.mx/Inclusión/Anexos%20Inclusin%20Financiera/Reporte_ENIF2024.pdf

 Comisión Nacional Bancaria y de Valores (CNBV). (2025). Encuesta de Financiamiento de las Empresas (ENAFIN) 2024. https://www.gob.mx/cms/uploads/attachment/file/998578/Cuadr_ptico_ENAFIN2024_web.pdf