FinTech Blooms, But Can it Fix Mexico's Financial Exclusion?
Mexico's banks are healthy but exclusive. Experts want more competition, education and digital tools to boost financial inclusion and economic growth, inspired by Brazil's success. Can Mexico's banking system bloom for all?
Mexico's banking system is a curious case, like a brightly colored cactus flower blooming in the desert – beautiful, but with a few thorns. Experts recently gathered at the National Finance + Inclusive Forum to dissect this paradox: a system boasting healthy institutions with high returns, yet struggling with low credit access and financial inclusion for a large chunk of the population.
Gerardo Esquivel, a former bigwig at the Bank of Mexico, kicked things off by highlighting the disconnect. The financial system, he argued, should be a "key instrument" for national progress, but right now, it's missing the mark. Throwing more players into the ring isn't necessarily the answer – just because there's a crowd, doesn't mean everyone gets a dance.