CNBV Publishes Annual Panorama of Financial Inclusion 2024

Mexico City, October 23, 2024 Press Release No. 021

CNBV publishes the Annual Panorama of Financial Inclusion 2024 (with data as of the close of 2023)

• The Annual Panorama of Financial Inclusion 2024 presents the most outstanding data on financial infrastructure, deposit accounts, number of credits, retirement savings accounts, insurance, transactions, protection for users, and disaggregated data by sex regarding the country's financial inclusion as of the close of 2023.
• The publication commemorates 15 years since the CNBV has been annually disseminating statistical information on the country's financial inclusion, with an easy-to-consult publication that in this issue includes a chronology of previous editions.
• This year, for the first time, data on point-of-sale terminals from non-bank payment medium acquirers is incorporated, and in the distribution by sex of hired personnel and personnel in executive positions, popular savings and credit entities are added.

The National Banking and Securities Commission (CNBV) publishes the Annual Panorama of Financial Inclusion 2024, with which it commemorates 15 years of annually disseminating information on this topic in Mexico. This is a user-friendly and easy-to-consult publication, consisting of 14 chapters with historical information and geographic disaggregations, as well as by sectors and financial institutions. It also includes international comparisons and findings from the level of schooling of the National Survey of Financial Inclusion (ENIF) 2021.

In terms of financial infrastructure, it is observed that the establishment of Bienestar Bank branches continued to rise, reaching a total of two thousand eight hundred and two branches, placing it as the bank with the highest number of branches and coverage in the country. Likewise, this year, slightly more than 580 thousand terminals from non-bank acquirers were incorporated, bringing the total to 6.1 million point-of-sale terminals (POS) throughout the country.

All financial products reported an increase compared to the previous year, particularly: deposit accounts showed an increase of 13 percent, reaching nearly 162.6 million contracts; credits to individuals registered an increase of seven percent, with 70.6 million contracts, the main cause being the dispersion of credits by new popular financial societies; accounts managed by Afore increased by two percent, amounting to 74.2 million; and finally, the amount of direct premiums for insurance showed an increase of two percent, standing at 789 billion pesos.

For 2023, 7.8 billion transactions and transfers were recorded, with a growth of 13 percent between 2022 and 2023. Among the different means to perform operations, POS terminals registered the highest number of operations, followed by transfers, ATMs, e-commerce, and finally checks, the latter used to a lesser extent, year after year. Likewise, income from remittances sent to Mexico registered an increase of eight percent compared to 2022, which represented 63.3 billion dollars sent to the country, with an average amount of 393.2 dollars.

Regarding the protection of users, the number of defense actions filed before the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), by users of the financial system, was 2.1 million, which meant 23 percent compared to 2022.

On the other hand, slightly more than 10 million complaints were filed before commercial banking institutions, representing an increase of nine percent compared to 2022. Finally, the information on the protection of bank savings from the Institute for the Protection of Bank Savings (IPAB) showed that, in 2023, more than 153 million accounts of individuals and legal entities were guaranteed.

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Regarding gender gaps, it was found that the distribution gap in deposit accounts was 3.3 percentage points (pp) and in credits 3.5 pp, both in favor of women. Regarding credits, there was a difference in the Delinquency Index (ICV) of 0.2 pp lower in women and a difference in the weighted average rate of 3.6 pp higher for them. Likewise, in the distribution of hired personnel by banks and EACP, it resulted that slightly more than half were women, nevertheless, only 33 percent were in senior management positions.

The Annual Panorama of Financial Inclusion 2024 can be consulted at the link: https://bit.ly/Panorama_IF_2024 and once again all data is made available to the public in editable format at: https://bit.ly/Anexo_Panorama_2024

The CNBV reaffirms its commitment to continue working to generate data and statistical information that can be consulted and used as indicators and reference material in favor of greater financial inclusion in the country.

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Insurgentes Sur No. 1971, Col. Guadalupe Inn, C.P. 01020, Álvaro Obregón, Mexico City Tel: (55) 1454 6000 www.gob.mx/cnbv