Mexico's Prospects for Full Financial Inclusion

This paper provides current market information and analysis to support ongoing dialogues among policymakers and providers in Mexico about the goal of full financial inclusion and ways to achieve it. The paper defines financial inclusion as comprising a full suite of high quality products. It states that this comprehensive definition should be considered in setting goals. The paper introduces the Financial Inclusion Scorecard as a basis for measuring Mexico's current status and future progress. It projects trends forward to 2020 and identifies excluded segments of the population. The paper also considers a wide range of potential providers.While there is unmet need for financial services in Mexico, innovations and achievements of private, non-profit and government sectors demonstrate great potential to close the gaps. The paper states that Mexico can achieve full financial inclusion by 2020, and recommends:

• Increasing access to services and closing the location gap;
• Expanding the viability frontier to reach the excluded;
• Providing quality services;
• Increasing affordability and convenience;
• Improving product fit;
• Promoting dignity through consumer protection and financial literacy.