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FINANCIAL, DIGITAL INCLUSION BECOME A MUST

By Sofía Hanna | Tue, 08/31/2021 - 16:10

The use of Information and Communication Technologies (ICTs) accelerated during
the pandemic, especially the use of cell phones and internet. Now, three out of
every four Mexicans has access to a cell phone and many more to the internet.
However, there is still a long way to go before Mexico can fully achieve
digitization.

 

During 2020, “75.5 percent of the population aged six years or more in Mexico
was a cell phone user, which represented an increase of 4 percentage points over
2015,” reads the National Survey on the Availability and Use of Information
Technologies in Homes (ENDUTIH), cited in a BBVA report. “Regarding internet
access, in the same year, there were 84.1 million internet users in the same age
range, which represent 72 percent of that population, that is an increase of
more than 14 percentage points compared to 2015.” 

 

The use of ICTs accelerated thanks to the numerous advantages they represent in
terms of time and cost reduction. They also provide opportunities for growth and
economic development and are great incentives to promote that no one is left
behind. However, there is still a real challenge in reducing the regional gaps
between Mexico’s rural and urban areas. In 2020, only 50.4 percent of the
population in rural areas were internet users, while in urban areas the
percentage was 78.3 percent.

 

Financial and technological inclusion in Mexico still represents one of the
biggest infrastructure challenges in the country. “The following years will be
decisive in determining whether the country managed to digitally and financially
include most of the population in Mexico, especially those outside urban areas,”
according to the BBVA report. Financial services are among the instruments that
help people improve their odds of living better lives as they allow people to
better manage their money. Also, financial services broaden their capacity to
acquire more investment options, which are useful to improve development and
well-being, mentions Gustavo Rojo, CEO of Vexi and an MBN Startup Contributor. 

 

Juan Luis Bordes, General Manager of PayPal Mexico, told MBN that a challenge in
the development of digital financial products is maintaining engagement with
Mexico’s merchants and users. While there is a strong interest in increasing
banking inclusion, there is much to be done by financial institutions,
governments, the private sector and other players to achieve this goal, says
Bordes. 

The data used in this article was sourced from:  
BBVA, MBN
Photo by:   J W, Unsplash
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Sofía Hanna Junior Journalist and Industry Analyst


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