Financial Inclusion in Latin America and the Caribbean

Financial inclusion in Latin America and the Caribbean has expanded significantly over the past decade. According to the latest edition of the Global Findex Database 2025, 70% of adults in the region (excluding high-income economies) owned a financial account in 2024, marking a three percentage points rise from 2021 and a significant increase from 54% in 2017 and 39% in 2011. Despite this progress, the region still trails the average for low- and middle-income countries by five percentage points.

While most adults in the region continue to hold accounts at traditional financial institutions, mobile money usage has surged, especially among those who were previously unbanked. In 2024, 37% of adults reported having a mobile money account, up 15 percentage points from 2021. The growth in mobile and digitally enabled accounts is playing a key role in expanding formal savings in the region, which grew from 18% in 2021 to 29% in 2024. Digital payments have also become widespread, with 59% of adults reporting having made or received some kind of digital payment in the past year, slightly below the 62% average for low- and middle-income countries.

In terms of country-level performance, Brazil (86%) and Chile (85%) lead the region with the highest levels of account ownership, while countries such as Nicaragua (24%) and Guatemala (38%) lag behind, highlighting regional disparities that require targeted policy attention.

Gender gap in financial inclusion

The gender gap in account ownership in Latin America and the Caribbean has narrowed over time, yet it remains a persistent challenge. In 2024, 66% of women had a financial account compared to 74% of men – an 8-percentage point gap. This is slightly wider than the average gap of 5 percentage points for low- and middle-income countries.

Progress across the region has been uneven. In terms of digital payments, 55% of women used them in 2024, compared to 64% of men, reflecting a 9-percentage point difference. Encouragingly, women’s adoption of digital payments has increased over previous years, signaling growing engagement with financial technology. However, men continue to lead in usage, suggesting that barriers to access and usage still exist for women.

Among countries in the region, several countries in Central America stand out with the largest gender gaps: El Salvador at 20 percentage points, Honduras at 19 points and Guatemala at 12 points. In South America, Colombia has the highest gender gap of 13 percentage points. On the other end of the spectrum are Venezuela, Uruguay, Paraguay and Ecuador, all with very low gender gaps at 2 percentage points or less. Interestingly, Argentina has a gender gap of 5 percentage points in favor of women.

Closing the gender gap thus remains an important challenge for many countries in the region. Research shows that when women have access to a range of financial services, they benefit both in terms of their ability to control their own financial resources but also in helping them access better jobs. For example, a study in Brazil revealed that using credit for mobility-enhancing investments, such as motorcycles and bicycles, yielded an annual return of 12 to 15%. Low-income workers, most of whom were women, benefited the most by being able to expand their job search radius, improving access to markets for selling goods and facilitating travel to work. To explore the link between access to financial services and women’s economic empowerment, refer to CGAP’s Impact Pathfinder, which synthesizes decades of research on this topic. To learn more about how the financial inclusion sector is working towards women’s economic empowerment, join FinEquity, a community of practice to empower women through financial inclusion, convened by CGAP.