Financial inclusion is advancing, but with gaps

The level of financial inclusion in Peru and Latin America has shown a favorable evolution this year, driven by the growth in the adoption and use of financial products and services in the region, according to the Credicorp Financial Inclusion Index (IIF) 2024.

Ventura maintains that the reaction of the SBS to act on the credit life insurance is correct, but that the way is not to make it optional. Provides details about the growth that the company has had during the year in personal income insurance.

The IIF measures the evolution of financial inclusion in eight countries in the region: Argentina, Bolivia, Colombia, Chile, Ecuador, Mexico, Panama and Peru. In terms of achievement, on average 28% of the citizens of these countries have an “achieved” level of financial inclusion, participation that has increased by 12 percentage points compared to the 2021 measurement.

However, important gaps persist in the most vulnerable population segments. According to the IIF, 45% of formal workers have an “achieved” level of financial inclusion. In contrast, only 21% of informal workers and 16% of people who do not work achieve this level.

Education is also a key factor. 44% of people with higher education have an “achieved” level of financial inclusion, compared to 18% of those with basic education and 0% for those without education.

The urban-rural gap is also evident: 30% of the urban population has an “achieved” level of financial inclusion compared to only 16% of the rural population.

The IIF recommends the adoption of strategies and interventions to address the barriers historically marginalized groups face in accessing and using financial services.

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