What is Financial Inclusion?
In Mexico, financial inclusion is defined as the access and the usage of formal financial services under a proper regulation that will guarantee consumer protection and promote financial education to improve the financial capabilities of all population segments.
This definition highlights the multidimensional character of financial inclusion, as it underlines its four fundamental components:
-01.png) | Access: Refers to the financial system penetration in terms of the infrastructure available to offer financial services and products. From a supply perspective, it refers to the access points (channels) to the financial system. |
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-04.png) | Usage: Refers to acquisition and frequency of use of one or more financial services or products by the population. From a demand perspective, it reflects the behavior and the needs of the populations in regards to the financial system. |
-02.png) | Consumer protection and defense: Refers to the oversight that new or existing financial services and products have a framework that guarantees transparency of terms and conditions, fair treatment, customer services for claim resolutions, and advisory services against unfair and abusive practices. Additionally, it refers to the effectiveness of the regulatory framework to promote the financial inclusion of the target population and to protect financial-service-users´ personal data. |
-03.png) | Financial literacy: Refers to the actions taken for the population to acquire financial skills, capabilities and knowledge in order for them to: be able to make appropriate planning and management of their personal finances, evaluate financial services and products, make decisions according to their interests, chose products that adjust to their needs, and understand the rights and obligations associations to a service or product. |
Última modificación: 16/07/2014