The Mexican Financial Studies Foundation (FUNDEF) analyzed the entry that companies such as Facebook, Apple and Amazon have had within the financial sector. Beyond providing a global analysis, the research stopped to analyze the level of financial inclusion that is demonstrated within the Mexican economy. According to the data, the level of inclusion is located in a range between 20% and 39% and, according to what they point out in the research itself, it is one of the lowest percentages in the entire continent, only surpassing some Central American economies .
From the FUNDEF, they mention that they have seen how the government has promoted the creation of the National Council for Financial Inclusion and have proposed inclusion as an objective framed in the National Policies of the Mexican State.
The banking system in Mexico is not inclusive, certainly, being able to determine the precise reasons why this lack of financial inclusion occurs could be very difficult, although, from the FUNDEF they point to banks as one of the causes of the problem.
In the research they point out that there is a kind of "paradigm" within the banking sector, and it is centered on the fact that its operations model and even its digital channels, has been oriented on the need for the physical branch, with The purpose of opening an account or solving some kind of problem. This is a complication for those who are far from these establishments.
Could cryptocurrencies provide any help?
Since its inception, cryptocurrencies have been presented within the market as a tool to help overcome the evils and mistakes that have been made from traditional banking.
To evaluate the possibility that these assets can help with the peculiar problem presented here, it must be said that cryptocurrencies in Mexico are for "mainly speculative" use and he reviews that, despite the positive impact they could have, the asset it has not served to “increase financial inclusion”.
To be able to speak of an increase in financial inclusion, it is necessary to develop products and services for the segments of the so-called base of the pyramid, since only in this way will it be possible to achieve greater access, reduce obstacles when opening a bank account and offer commissions that are acceptable to users.
As a final mention, it is expected that FinTechs that work with cryptocurrencies within the Mexican economy will be able to offer some products for these segments in the near future, and thus achieve a positive impact on the lives of some of the nearly 50 million Mexicans who have not yet they are financially included.
Source:
https://es.beincrypto.com/gran-problema-inclusion-financiera-mexico-pueden-ayudar-criptos/
