Financial Inclusion in Latin America and the Caribbean: Data and Trends
This report provides data and information critical to identify the advances and challenges of financial inclusion in Latin America and the Caribbean, as well as for designing efficient and effective public policies. It aims to act as a single source of information on the structure and level of coverage of financial services including credit, savings, microinsurance, and remittances in the region. The report also presents an analysis of regional data on the type of financial providers, products offered, level of penetration, and products aimed at financial excluded groups. Key findings include:
- There are more than 700 banks, 500 non-banking institutions, and almost 1500 regulated cooperatives in the region;
- Proportion of total credit for the non-financial private sector is about 36% of the region's GDP;
- Rural and agricultural credit represents no more than 6% of the total credit in the region;
- Proportion of savings of individuals and private companies equals approximately 35% of the region's GDP;
- Long-term savings accounts have the largest share of deposits, while savings accounts represent a higher proportion in terms of numbers of clients.
- Chile and Argentina have the highest credit and debit card penetration levels;
- Microcredit portfolio of the region is around USD 40 billion.