Financial inclusion in Latin America – statistics & facts
Financial inclusion is a necessary step for a country’s economic growth and development. Access to financial services allows individuals as well as companies to obtain the resources that enable them to increase consumption, savings, and investment. This step is so critical that it was included as a target within the first United Nations’ sustainable development goal of ending poverty. Latin America is considered the leading developing region to bridge the financial inclusion gap. With financial inclusion scores higher than 75 (out of 100) in 2019, Colombia, Peru, and Uruguay ranked as the nations with best access to financial resources, even above leading Asian markets like India and the Philippines, both scoring 71 out of 100. In contrast, the lowest-ranked country was Venezuela, primarily due to its current state of widespread economic crisis.
