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Fintechs Transform Banking Landscape in Argentina, Reaching Full Population Coverage

Source: Fintech Nexus

Argentina’s financial system, with a huge boost of fintech in recent years, is approaching full coverage of its population, its Central Bank said in a recent report. The rapid expansion of financial technology companies has played a pivotal role in addressing longstanding financial inclusion challenges in Latin America, particularly in countries grappling with large segments of the population lacking access to traditional banking services.

The Argentinian Central Bank recently announced that, with the assistance of non-traditional players such as fintech, the financial system is on the verge of achieving full coverage for the adult population. Argentinians with accounts have surged to 35.7 million by the first half of 2023. This means it covers over 99 percent of the population aged 18 and above.