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Is the financial sector meeting the needs of Mexicans?

Is the financial sector meeting the needs of Mexicans?

February 14, 2019    
Implications for financial inclusion

 

A team from insight2impact (i2i) is in Mexico this week to present the findings from a study that examines financial usage behaviour in the country.

The study forms part of i2i’s ongoing piloting of its #FinNeeds approach, which focuses on the specific financial needs that people experience and the extent to which the formal financial sector is meeting these needs. i2i believes that, for financial inclusion to have any impact, people must firstly have access to, and secondly actively use, financial services.

To better understand the financial lives of Mexicans, we analysed data from a demand-side survey and transactional data from a prominent bank.

This research explores how individuals manage their financial lives from four perspectives: transfer of value, liquidity, meeting goals and resilience. This provided insight into people’s use of both formal and informal financial services relative to the needs they experience.

The insights from the data analysis highlight unmet needs and market opportunities in the financial sector. They are also intended to assist the policymakers that drive Mexico’s financial inclusion and broader welfare strategies in better understanding emerging policy imperatives.

The Mexico pilot study is one example of our ongoing work to develop and test global measurement frameworks for financial inclusion in emerging markets. For more information, contact Leonard Makuvaza at leonard@i2ifacility.org.

 


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