Credicorp’s Financial
Inclusion Index 2023

Learn about Credicorp’s Financial Inclusion Index de Credicorp

For the third consecutive year, we present the Credicorp Financial Inclusion Index. In this edition, the study covers 8 countries in Latin America and incorporates 19 social measurement indicators.

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Learn more about financial Inclusion

Video: Regional results of the Credicorp Financial Inclusion Index 2023

Video: Regional results of the Credicorp Financial Inclusion Index 2022

Video: Gender gaps: an intersectoral approach

Video: The importance of financial inclusion

Video: How was Credicorp’s Financial Inclusion Index developed?

Video: Credicorp’s contribution to financial inclusion in the region

Video: Regional results of Credicorp’s Financial Inclusion Index

Regional results of the Credicorp Financial Inclusion Index 2023

Video: Regional results of the Credicorp Financial Inclusion Index 2023

Regional results of the Credicorp Financial Inclusion Index 2022

Video: Regional results of the Credicorp Financial Inclusion Index 2022

Gender gaps: an intersectoral approach

Video: Gender gaps: an intersectoral approach

The importance of financial inclusion

Video: The importance of financial inclusion

How was Credicorp’s Financial Inclusion Index developed?

Video: How was Credicorp’s Financial Inclusion Index developed?

Credicorp’s contribution to financial inclusion in the region

Video: Credicorp’s contribution to financial inclusion in the region

Regional results of Credicorp’s Financial Inclusion Index

Video: Regional results of Credicorp’s Financial Inclusion Index

Results of the Index

The results of the Financial Inclusion Index and its dimensions are expressed in scores with a minimum value of 0 and a maximum of 100, where a higher score means a better level of financial inclusion.

Important Findings

The region's financial inclusion reaches a medium-low level, with a score of 45.5 out of 100, compared to the 44.2 obtained in 2022.

The percentage of frequent users of digital wallets is one of the indicators that grew the most in the three editions of the study.

Perceived Quality is the dimension with the best score (60.9) but the dimensions of Access (45.1) and Use (30.5) continue to be the most critical.

In Peru (42%), Mexico (43%) and Bolivia (43%), 2 out of every 5 citizens have a low level of financial inclusion.

Chile (38%), Argentina (38%) and Panama (36%) are the countries with the highest percentage of citizens with an Achieved level of financial inclusion.

In 2021, only 16% of the Latin American population had an Achieved level of financial inclusion. Today, this figure is 24%.

Analysis by countries

General Access Use Quality Perceived
2022 2023
Argentina Argentina 49,0 53,0
Chile Chile 52,3 52,5
Panamá Panama 54,6 52,0
Ecuador Ecuador 48,9 49,6
Colombia Colombia 44,7 45,6
Perú Peru 39,8 43,3
México Mexico 41,5 41,7
Bolivia Bolivia 38,3 40,4
2022 2023
Argentina Argentina 56,1 61,1
Panamá Panama 52,7 53,9
Chile Chile 54,5 52,3
Ecuador Ecuador 50,5 49,5
Colombia Colombia 47,0 48,6
Perú Peru 41,5 46,5
Bolivia Bolivia 42,4 45,3
México Mexico 39,5 35,1
2022 2023
Chile Chile 46,8 49,1
Argentina Argentina 38,3 42,8
Panamá Panama 41,7 35,1
Ecuador Ecuador 30,8 31,2
México Mexico 26,5 26,5
Colombia Colombia 25,2 26,3
Perú Peru 22,0 25,9
Bolivia Bolivia 19,9 20,5
2022 2023
Ecuador Ecuador 65,5 68,2
Panamá Panama 69,3 67,1
México Mexico 58,4 63,6
Colombia Colombia 62,0 62,1
Perú Peru 55,9 57,6
Chile Chile 55,5 56,2
Bolivia Bolivia 52,7 55,5
Argentina Argentina 52,6 55,1

Demographic Analysis

Gender

Gender

Men (26%) are more financially included than women (21%).

Informality

Informality

Formal workers (42%) have a higher level of financial inclusion than informal workers (18%) or than unemployed citizens (13%).

Urban vs Rural

Urban vs Rural

People living in urban areas (26%) are more included than people living in rural areas (14%).

Learn about the methodology used in this report

The objective of the study was to develop an indicator of financial inclusion that allows monitoring this issue in 8 countries of the region.

1,200 household surveys were carried out per country, at the urban and rural levels, except in Peru, where 5,000 were carried out. The universe of participants was made up of men and women over 18 years of age. The margin of error is +-2.8% with a confidence level of 95%.

The Index

Credicorp's Financial Inclusion Index (IIF) evaluates the level of financial inclusion of countries based on its efficiency in 3 dimensions: Access, Use and Quality Perceived.

Access Use Quality perceived

Access

This dimension measures the capacity of individuals to access or use formal financial services.

Sub-dimension Indicator
Financial infrastructure
  • 1

    Number of barriers for the use of financial infrastructure.

Knowledge of products
  • 2

    Number of formal financial products you are familiar with.

Product possession
  • 3

    Number of savings/insurance products that are possessed.

  • 4

    Number of credit products that are possessed.

  • 5

    Number of entities of which you are a customer.

  • 6

    Possession of credit products in a formal entity.

  • 7

    Number of barriers to having financial products.

Use

This dimension measures the intensity, frequency and permanence of use or utilization of financial services and products.

Sub-dimension Indicator
Basic transactions
  • 8

    Number of banking venues used to pay different types of products or services.

  • 9

    Number of formal venues used to make transfers.

Income
  • 10

    Receives income through the formal financial system.

Savings
  • 11

    Saves through the formal financial system.

Quality perceived

This dimension is comprised of two sub-dimensions: trust and perception of the quality of the financial system and assesses aspects such as general image of financial entities, ease of obtaining products or variety of product offerings, breadth of the financial system, among others.

Sub-dimension Indicator
Trust
  • 12

    Overall score for trust in the system.

Quality
  • 13

    General assessment of the image of financial institutions.

  • 14

    General assessment of the ease of obtaining a savings or credit product.

  • 15

    General assessment of the physical extent of the financial system.

  • 16

    General assessment of the variety of savings and credit products offered by the financial system.

  • 17

    General assessment of the costs to users of the financial system.

  • 18

    General assessment of the usefulness of digital media.

  • 19

    Perceived security.

Savings
  • 8

    Saves through the formal financial system.