Latin America and the Caribbean includes developing countries that range from small island nations to large economies, such as Brazil and Mexico, with wide diversity in income levels and financial sector development. The region has a population of 644 million people.
According to Global Findex Report 2017, 54 percent of adults in the region have an account with a financial institution or mobile money provider, up from 51 percent in 2014. Women in the region are 6 percentage points less likely to own an account than men; 57 percent of men had an account compared to 51 percent of women in 2017. This regional gender gap in account ownership is lower than the global average of 9 percentage points for developing countries.
Digital financial transactions in the region have grown slowly between 2014 and 2017. The share of adults making or receiving digital payments rose by about 7 percentage points, to 45 percent in 2017. In some countries, growth in digital payments was more significant, such as Venezuela with a growth of 19 percentage points, Haiti with 17, Honduras 15, and Bolivia 13 percentage points. However, there is great potential for further growth in financial technology use in the region, as 55 percent of adults own a mobile phone and have access to the internet, 15 percentage points higher than the developing world average.