Mexico | Digital Financial Inclusion Shows Progress in 2024

Summary

This note uses the most recent data from ENIF and ENDUTIH 2024 to present how digital channels (mobile applications and websites) have contributed to the access and use of financial products in Mexico.

Key points

• Key points:
• In 2024, digitalization advanced in the financial sector: it enabled 8.5% of savings product users and 12.2% of credit product users to obtain their most recent product through a mobile app or the financial institution’s website.
• In 2024, population in urban areas used digital channels (app or institution website) more frequently to acquire their most recent savings product (9.4%) and credit product (13.4%) than people in rural areas (6.3% and 8.4%, respectively).
• Between 2021 and 2024, there were notable increases in digital acquisition of the most recent product in urban areas: +5.4 percentage points for savings products and +8.3 percentage points for credit products. In rural areas, the growth was more moderate: +4.0 pp and +5.3 pp, respectively. This uneven growth pattern is widening the gap between urban and rural areas.
• However, the daily use of digital payment methods remains limited. In 2024, only 4.4% of adults reported using electronic transfers or mobile apps more frequently for purchases up to 500 pesos, and 7.6% for purchases over 500 pesos.
• This low usage is closely linked to the ecosystem in which transactions take place. Therefore, it is essential to strengthen not only the financial inclusion of individuals but also that of businesses, ensuring that the latter have the necessary capabilities to accept digital payments for their products or services.

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