Mexico’s financial inclusion efforts have blossomed in the face of modest growth, helping people to achieve greater financial stability. Social programs in the form of conditional cash transfers have helped, as have an increased network of banking agents in remote areas and an uptick in technology integration in financial services. And yet, a gender gap persists. There is more work to do in Mexico, particularly for women’s financial inclusion.


Large Migrant country with$33BN in cash remittances

Low economic growth and political uncertainty

Rapidly growing urban and aging population projected to grow to 82% by 2030

20% of the population is expected to be elderly (aged 65 and over) by 2030 compared to just 6.7% today

43% of Mexicans live in poverty nationwide

Low female labor force representation


Compared to men


Women are over representedin the informal sector (insecureand low paid jobs)

Women make 85% of all purchases and financial transactions within a 30-minute walking distance from home

66.7% of adult women (32MM) are financially excluded1

Only 2% gender gap in savings–48% of men are financially includedvs. 46% women (national survey)

Financial inclusion has been mostly driven bypayroll accounts and G2P digitization

Access to insurance is not only low butalso has a gender gap of 5%

(28% for men and 23% for women)


of Mexicans save informally;low trust in the formal financialsystem


Increasing women entrepreneursin Mexico would increase thecountry’s GDP by 43% by 2023

Financial ServiceProviders

Four regulated FSPs that can Lend andmobilize deposit G7 (7 banks) dominate the financial services market SOCAPS (cooperatives) are well-positioned and committed to serving low-income populations 27K banking agents in Mexico but the density of agents remains low – 2.8 per 10K


New government to update national financial inclusion strategy with a clear focus on women New FinTech law introduced in 2018 tospur innovation Age to open a savings account lowered to 15

54% of women remain unbanked and even among those who own an account (46%), usage remains low



Digitize remittances transfers and link them to a bank account


Increase engagement with financial services for government-to-person payments and low-income payroll accounts


Work with women 65+ on retirement savings account

Mexico’s trends toward urbanization, digital capacity building through G2P payments, and a government-driven financial inclusion strategy are all harbingers of progress. Opportunities to digitize payments, increase women’s access to bank accounts and other services are all priorities for Women’s World Banking.

1. ENIF (2018) Data