Financial inclusion in Mexico has become a public policy priority and a fertile ground for fintech innovation. The goal is to enable more people to access formal financial products, use digital services securely, and experience improvements in their financial well-being. The following provides an updated overview integrating findings from the National Survey on Financial Inclusion (ENIF 2024), reports from public agencies and companies, and contextualizing the role being played by fintechs, digital wallets, neobanks, payment rails, and regulation.
State of Financial Inclusion in Mexico (ENIF 2024)
The ENIF 2024, produced by INEGI and the National Banking and Securities Commission (CNBV), reveals significant progress alongside persistent gaps:
- Financial product ownership: nearly eight out of ten adults in Mexico (ages 18–70) hold at least one formal financial product. Ownership increased across all regions; the greatest gains were recorded in the south-central and eastern regions, with a 14 percentage point increase.
- Gender gaps: product ownership remains unequal. In 2024, 72.8% of women held some formal financial product, compared to 80.9% of men. For savings accounts, the gap persists: 58.6% of women versus 68% of men held a formal account.
- Deposit accounts: 63% of the population aged 18 to 70 had at least one formal savings account, 18.9 percentage points more than in 2015. Payroll accounts remain the most common product.
- Formal credit: only 37.3% of the population had access to formal credit; the rate for women stands at 18.3%, compared to 28.2% for men. This highlights that access to financing remains restricted for many people, particularly women and rural residents.
- Use of financial channels: 77.6% of the population used some financial channel in 2024 — branches, ATMs, or banking agents — yet only 10% of adults with a formal savings account opened it via the Internet or a mobile app. Use of banking apps to check and manage accounts increased from 54.3% in 2021 to 69.1% in 2024.
- Savings and financial well-being: 36.6% of individuals saved only informally, 8.2% saved exclusively through formal accounts, and 21.6% combined both methods. The share of people with no savings at all fell from 39.8% in 2021 to 33.6% in 2024.
Key Figures Summary (ENIF 2024)
| Indicator | ENIF 2024 Data |
| Population with at least one formal financial product | ~80% of adults |
| Individuals with a formal savings account | 63% |
| Individuals with formal credit | 37.3% |
| Product ownership: women vs. men | 72.8% (women) vs. 80.9% (men) |
| Use of apps for account transactions | 69.1% of account holders |
| Exclusively informal savings | 36.6% |
Progress in product ownership has been accompanied by greater digitization. 83.1% of individuals aged 6 and above use the internet; in urban areas penetration reaches 86.9%, while in rural areas it stands at 68.5%, reflecting an 18.4 percentage point digital divide.
Fintech in Mexico: Role in Financial Inclusion and Regulatory Framework
An Expanding Ecosystem
The Mexican fintech sector is one of the most dynamic in Latin America. According to a report from the business association FinTech México, at the end of 2025 there were 795 active local fintechs, with more than half focused on digital payments and credit. Since the enactment of the Law to Regulate Financial Technology Institutions (Fintech Law) in March 2018, 89 financial technology institutions have been licensed. The law governs three categories: electronic payment fund institutions (digital wallets), crowdfunding companies, and “novel models” operating within a regulatory sandbox. The regulation requires these entities to implement robust digital identity schemes, anti-money laundering measures, and consumer protection frameworks.
The growth of the fintech ecosystem has attracted investment and talent. The number of companies has more than doubled since 2019, when 394 fintechs were operating; by 2023 that figure had grown to 650. Digital lending platforms such as Konfío disbursed over 17 billion pesos in 2024–2025 to support approximately 80,000 small and medium-sized enterprises. This financing uses algorithms to assess risk and grant credit quickly, reducing approval times from weeks to minutes.
Progress and Challenges
The ENIF 2024 confirms that digitization is expanding access: 63% of adults have a formal savings account and 15.7% hold a credit card. However, cash remains dominant; 85.2% of adults use cash as their primary payment method for purchases under 500 pesos. Only 45.5% of individuals believe that most places where they shop accept payment by bank transfer or card.
The CNBV and the Ministry of Finance are promoting open banking and digital identity tools to improve the user experience and reduce fraud. Bodies such as the Mexican Banking Association (ABM) emphasize that financial education and cybersecurity are pillars of their 2030 vision.
Wallets, Digital Payments, and National Payment Rails (CoDi / DiMo)
Digital Wallets and Payment Methods
The use of digital wallets in Mexico is growing rapidly. A report published in February 2026 by El Economista states that more than 50% of mobile phone users already use digital wallets as a payment method. These tools enable fast smartphone payments, reduce dependence on cash, and improve transaction traceability. The consultancy Research And Markets estimates that the prepaid card and digital wallet market in Mexico will grow at an annual rate of 14.3%, and that between 2020 and 2024 it recorded a compound annual growth rate of 17.9%. Digital wallets already account for approximately 28% of the value of national e-commerce.
In addition to facilitating everyday payments, digital wallets ease the receipt of remittances, a market worth over 66 billion dollars annually. For the underbanked population, these tools allow people to receive money and carry out transactions without needing a credit history.
CoDi and DiMo: Instant Payment Rails
Cobro Digital (CoDi) is an instant electronic payment system developed by Banco de México. It runs on the Interbank Electronic Payment System (SPEI) and uses QR codes; users must have a bank account and register in their institution’s app. When launched in 2019, the target was 18 million users within a year, but six years on, progress has been limited: as of September 2025 there were 21.8 million validated accounts and just 17.8 million cumulative transactions. The total amount processed over six years reached 16.72 billion pesos (an average of 875 pesos per transaction). Low adoption is partly explained by many users and merchants preferring other rails such as SPEI, and by the fact that banks do not promote CoDi because it generates no commissions.
To further simplify payments, Banco de México launched Dinéro Móvil (DiMo) in 2023. Unlike CoDi, DiMo allows money to be sent using only the recipient’s phone number, reducing friction for users without access to QR codes. By June 2024, 9 million DiMo accounts had been registered. Although initial adoption is faster than CoDi’s, barriers related to awareness and connectivity persist. Specialists note that many Mexicans are unfamiliar with these tools and that mobile infrastructure limitations (3G in rural communities) make onboarding difficult.
Digital Microlending: Access vs. Risk
Digital credit has established itself as a key tool for covering unexpected expenses and financing small businesses. Platforms such as Konfío, Kueski, Tala, and international fintechs offer fast loans using risk algorithms. According to the ENIF 2024, only 15.7% of adults hold a credit card, and when facing a financial emergency, many people turn to digital alternatives. Specialist media report that three out of ten Mexicans who experience a financially difficult month use loan apps to address it. These figures reflect how the lack of formal savings drives demand for digital microlending.
Digitization brings clear advantages: loans are approved in minutes and the use of alternative data (utility payments, social media activity) allows credit to be extended to people with no financial history. In addition, artificial intelligence can reduce default rates by up to 25%. However, there are significant risks:
- High interest rates and over-indebtedness. Not being fully regulated like banks, some lenders apply high rates. Low-income consumers may fall into debt spirals.
- Fraud and identity theft. The ABM and the Ministry of Finance note that the main risks of digital financial services include electronic fraud, identity theft, and lack of awareness of fees.
- Financial education. Many individuals do not understand how these products work, do not compare costs or terms, and do not know how to file complaints. Access without guidance can increase user vulnerability.
To mitigate these risks, it is essential to strengthen oversight of lending platforms, require transparency in their terms and conditions, and promote financial education programs that enable users to make informed decisions.
Neobanks in Mexico and What They Are Enabling
Neobanks are digitally native financial institutions that offer fee-free accounts, cards, and loans through mobile apps. They typically operate with agility and place the user experience at the center, making them key players in financial inclusion.
According to a report by El CEO, Mexico lags in banking penetration: only 46% of individuals aged 15 and older hold a bank account, well below the global average of 76%. This gap has driven the growth of neobanks. According to the BBC, there are more than 312 neobanks worldwide and 23% of them operate in Latin America. In Mexico, several alternatives are active:
- Nu México (Nubank): the Brazilian neobank has achieved rapid growth. By 2025 it had approximately 12 million clients in Mexico, offering savings accounts with competitive returns and credit cards with flexible requirements. Its secured card model helps users with no credit history build a financial track record, contributing to financial inclusion.
- Hey Banco: the digital arm of Banregio, with approximately 508,000 users in 2025. It offers accounts for individuals and businesses with attractive returns, enables money transfers to the United States, and has added products such as insurance and investment funds.
- Other players such as Klar and Stori also compete with fee-free accounts and accessible credit cards, and are seeking to expand their user base under the Fintech Law and banking licenses.
Neobanks leverage regulatory openness to offer personalized services, low fees, and a fully mobile experience. With data-driven models, they can evaluate customer profiles that traditional banking has historically excluded and offer tailored products. Nevertheless, their success depends on maintaining high security standards and complying with CNBV requirements.
Real Barriers: Trust, Fraud, Adoption, and User Experience
Despite progress, Mexico faces structural barriers that hinder financial inclusion:
- Trust and consumer protection. A lack of trust in financial institutions and fear of electronic fraud keep cash usage high. The ENIF shows that cash remains the preferred payment method for more than 85% of adults for low-value purchases.
- Digital divide and regional inequality. Internet penetration is high in urban areas (86.9%) but lower in rural areas (68.5%). Adoption of rails such as CoDi and DiMo is slower in communities with 3G coverage and without modern smartphones. Gender and age gaps also persist.
- User experience. Many digital products are designed with urban, financially literate users in mind. Experts note that CoDi and DiMo have not taken off because registration is complex and users prefer SPEI or cash. Improving adoption requires simple interfaces, support for low-bandwidth connections, and assistance in indigenous languages.
- Financial education. Levels of financial literacy have changed little since 2018. Public and private programs must strengthen digital and financial skills, teach people to compare costs, and help them identify fraud. The ABM stresses that financial education and cybersecurity must go hand in hand.
- Competition and regulation. Although the Fintech Law has created a solid framework, regulation is still evolving. The CNBV must balance innovation with financial stability and user protection. Competition from traditional banking is also a factor; some institutions do not promote rails such as CoDi because they generate no commissions.
Conclusion and Outlook
The landscape of financial inclusion in Mexico shows significant progress. The majority of adults already hold at least one formal financial product, savings accounts are expanding, and banking apps are simplifying money management. The rise of fintechs, digital wallets, and neobanks offers tools that can bring millions of people into the financial system. However, adoption of instant rails such as CoDi and DiMo remains limited, and barriers related to trust, education, and connectivity persist.
Turning progress into structural change requires coordinated public policy and private efforts: continuing to expand internet and mobile phone coverage, promoting financial and digital literacy, simplifying the registration process for payment rails, strengthening digital identity, and offering products tailored to the needs of women, young people, and rural communities. The experience of other countries, such as the success of Pix in Brazil, shows that mandating the offering and promotion of instant payment systems can accelerate adoption. If Mexico succeeds in aligning these levers, financial inclusion will shift from being a goal to becoming an everyday reality.
Frequently Asked Questions (FAQ)
What is the current state of financial inclusion in Mexico?
According to the ENIF 2024, approximately 80% of adults hold at least one formal financial product, 63% have a formal savings account, and 37.3% have formal credit. However, gender, regional, and credit-access gaps persist, and 36.6% of the population still saves only informally.
What role do fintechs play in Mexico?
Fintechs democratize access to financial products through digital identity technologies, data analytics, and fully online processes. In 2025, 795 registered fintechs were operating, focused primarily on payments and credit. Platforms such as Konfío have disbursed billions of pesos in loans to SMEs, and neobanks such as Nu México have millions of users. The Fintech Law regulates their operations and protects consumers.
What is CoDi and how does it work?
CoDi (Cobro Digital) is Banco de México’s instant payment system, running on SPEI. It enables collections and payments via QR codes generated in the user’s banking app. Despite being launched in 2019, adoption remains low: as of September 2025 there were 21.8 million validated accounts and 17.8 million cumulative transactions. Its use could expand through integration with digital wallets and e-commerce.
What is DiMo?
DiMo (Dinéro Móvil) is an instant transfer rail launched in 2023 that allows money to be sent and received using the recipient’s phone number, with no QR required. By June 2024, 9 million accounts had been registered. Adoption is still incipient and faces challenges related to awareness and mobile coverage.
What are neobanks and how do they contribute to financial inclusion?
Neobanks are digital financial institutions that offer accounts, cards, and loans through mobile apps. In Mexico, Nu México has approximately 12 million clients and Hey Banco has more than 500,000 users. These banks reduce costs, offer fee-free products, and use data analytics to lend to people without a credit history.
What are the main barriers to digital financial inclusion?
Trust in institutions, limited financial education, the digital divide between urban and rural areas, the complexity of some platforms, and the persistence of cash are obstacles that slow adoption. There are also risks related to fraud and over-indebtedness that call for stronger regulation and awareness campaigns.