Financial Services

The challenge

In Latin America and the Caribbean, millions have no access to basic financial services such as bank accounts, loans, and insurance. Although the low-income population has assets and produces and consumes goods and services, most have no bank account or credit history allowing them to save, secure loans, multiply their assets, mitigate risks, or transfer funds.

The challenge is to develop products and services tailored to the needs of this majority at affordable prices. A new generation of Latin Americans integrated into the banking system could create new opportunities for employment, credit, investment, business, and an efficient flow of remittances.

Only 10% of the Latin American population has a charge account to deposit their savings, provide payments, receive remittances, and purchase goods or services.