For the third consecutive year, we present the Credicorp Financial Inclusion Index. In this edition, the study covers 8 countries in Latin America and incorporates 19 social measurement indicators.
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The results of the Financial Inclusion Index and its dimensions are expressed in scores with a minimum value of 0 and a maximum of 100, where a higher score means a better level of financial inclusion.
The region's financial inclusion reaches a medium-low level, with a score of 45.5 out of 100, compared to the 44.2 obtained in 2022.
The percentage of frequent users of digital wallets is one of the indicators that grew the most in the three editions of the study.
Perceived Quality is the dimension with the best score (60.9) but the dimensions of Access (45.1) and Use (30.5) continue to be the most critical.
In Peru (42%), Mexico (43%) and Bolivia (43%), 2 out of every 5 citizens have a low level of financial inclusion.
Chile (38%), Argentina (38%) and Panama (36%) are the countries with the highest percentage of citizens with an Achieved level of financial inclusion.
In 2021, only 16% of the Latin American population had an Achieved level of financial inclusion. Today, this figure is 24%.
| 2022 | 2023 | ||
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Argentina | 49,0 | 53,0 |
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Chile | 52,3 | 52,5 |
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Panama | 54,6 | 52,0 |
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Ecuador | 48,9 | 49,6 |
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Colombia | 44,7 | 45,6 |
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Peru | 39,8 | 43,3 |
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Mexico | 41,5 | 41,7 |
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Bolivia | 38,3 | 40,4 |
| 2022 | 2023 | ||
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Argentina | 56,1 | 61,1 |
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Panama | 52,7 | 53,9 |
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Chile | 54,5 | 52,3 |
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Ecuador | 50,5 | 49,5 |
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Colombia | 47,0 | 48,6 |
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Peru | 41,5 | 46,5 |
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Bolivia | 42,4 | 45,3 |
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Mexico | 39,5 | 35,1 |
| 2022 | 2023 | ||
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Chile | 46,8 | 49,1 |
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Argentina | 38,3 | 42,8 |
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Panama | 41,7 | 35,1 |
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Ecuador | 30,8 | 31,2 |
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Mexico | 26,5 | 26,5 |
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Colombia | 25,2 | 26,3 |
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Peru | 22,0 | 25,9 |
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Bolivia | 19,9 | 20,5 |
| 2022 | 2023 | ||
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Ecuador | 65,5 | 68,2 |
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Panama | 69,3 | 67,1 |
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Mexico | 58,4 | 63,6 |
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Colombia | 62,0 | 62,1 |
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Peru | 55,9 | 57,6 |
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Chile | 55,5 | 56,2 |
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Bolivia | 52,7 | 55,5 |
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Argentina | 52,6 | 55,1 |
Men (26%) are more financially included than women (21%).
Formal workers (42%) have a higher level of financial inclusion than informal workers (18%) or than unemployed citizens (13%).
People living in urban areas (26%) are more included than people living in rural areas (14%).
The objective of the study was to develop an indicator of financial inclusion that allows monitoring this issue in 8 countries of the region.
1,200 household surveys were carried out per country, at the urban and rural levels, except in Peru, where 5,000 were carried out. The universe of participants was made up of men and women over 18 years of age. The margin of error is +-2.8% with a confidence level of 95%.
Credicorp's Financial Inclusion Index (IIF) evaluates the level of financial inclusion of countries based on its efficiency in 3 dimensions: Access, Use and Quality Perceived.
This dimension measures the capacity of individuals to access or use formal financial services.
| Sub-dimension | Indicator |
|---|---|
| Financial infrastructure |
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| Knowledge of products |
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| Product possession |
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This dimension measures the intensity, frequency and permanence of use or utilization of financial services and products.
| Sub-dimension | Indicator |
|---|---|
| Basic transactions |
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| Income |
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| Savings |
|
This dimension is comprised of two sub-dimensions: trust and perception of the quality of the financial system and assesses aspects such as general image of financial entities, ease of obtaining products or variety of product offerings, breadth of the financial system, among others.
| Sub-dimension | Indicator |
|---|---|
| Trust |
|
| Quality |
|
| Savings |
|
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