President Enrique Peña Nieto presented the National Financial Inclusion Policy, accompanied by HRH Queen Máxima of the Netherlands, at the National Palace.
The National Financial Inclusion Policy links the government’s and the private sector’s efforts through six axes:
FIRST. Financial education.
“By this I mean that people will know how to take advantage of being in the financial system: from how to open an account, through using a credit card to investing their money”.
In addition to incorporating users into the financial system, the aim is to have tools that are useful and for people to know how to use them.
To encourage this culture from an early age, the Education Secretariat will promote financial education in the basic education curricula.
Programs such as Prospera, Women SME or Youth Credit already include financial training courses; while consulates give courses on the financial system to our fellow countrymen, particularly in the United States.
SECOND. Use of technological innovations for financial inclusion.
“The point is to take advantage of new technologies such as the Internet, smart phones and mass data analysis to bring banking services and payment methods to large segments of the population”.
Thanks to Telecommunications Reform, Mexico is advancing to achieve better coverage, lower costs and higher quality services.
A cutting-edge digital platform is opening up new opportunities to incorporate the excluded population into the financial system and facilitate the interconnectivity of digital financial services.
THIRD. The development of financial infrastructure in underserved areas.
”This government has proposed to begin narrowing these gaps and ensure that all the regions in Mexico have the same opportunities, including access to financial services.”
The government will continue partnerships with non-financial players, such as retail chains, and increase development bank services in the most isolated villages.
FOURTH. Greater access to and use of formal financial services for the underserved and excluded population.
“During this government, nearly seven million women in poverty have been incorporated into the financial system, through the spread of government transfers via debit cards.”
More than six million beneficiaries now have Life Insurance for Female Heads of Household. Previously excluded populations now benefit from business loans at preferential interest rates. The Women’s SME and Youth Credit Program have also played a key role in this effort.
FIFTH. Protection mechanisms for financial service users.
This axis is based on the institutional strengthening of the National Commission for the Protection and Defense of Financial Service Users, CONDUSE, through Financial Reform and at the same time, promotes personal data to prevent identity theft, among other crimes.
SIXTH. production of data and measurements to assess financial inclusion.
“Having data and regular assessments of public policies is undeniably important.”
The government will continue to issue reports, such as the National Survey on Financial Inclusion (ENIF), and support academic research projects on the issue.
“Today Mexico has a solid, well capitalized banking system, with a healthy loan portfolio. A banking system that is a key factor in national development and also shares the commitment to achieving greater financial inclusion.
One of the aims is for Mexicans to have savings accounts, buy insurance or get a loan to achieve any life plan they create. The point is also to have different ways to pay for the provision of various services.