Overview
- CEEY reported that fintechs have improved competition but are falling short in rural and indigenous areas and are mostly attracting already-banked youth from financially included households.
- ENIF 2024 shows 23% of adults remain unbanked and another 27% hold only one product, while CEEY found that 95% of adults without financial products had parents without them.
- Adoption has accelerated, with digital accounts up roughly 15% in five years and the share of people using digital payments rising from 29% to 46% between 2019 and 2023, according to ABM.
- Fintech platforms handled about 25% of remittances to Mexico in 2023, a share that has grown roughly 60% over three years, a sector study reported.
- Commentary highlights consumer-protection, privacy and traceability risks without stronger oversight, notes that about 30% of Mexicans lack quality internet access, and points to industry-regulator dialogue and a McKinsey estimate of up to $4 billion in annual gains if fintechs reach a quarter of the unbanked in five years.