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Determinants of financial inclusion in Mexico based on the 2012 National Financial Inclusion Survey (ENIF)


  • Ximena Pena
  • Carmen Hoyo
  • David Tuesta


Even though 97% of the population in Mexico has at least one access point into the financial system, only 38% has some sort of saving or credit product in a formal financial institution. These figures show the insufficient use of the formal financial system and highlight the importance of analysing the determinant factors for financial inclusion in Mexico in more depth. This paper explores the factors determining financial inclusion in Mexico from the demand side, based on information from the 2012 National Financial Inclusion Survey (ENIF in the Spanish acronym). In order to identify the relevant factors, we have built financial inclusion indicators using the multiple correspondences method of analysis, taking into account whether people have credit and savings products, whether jointly (Aggregate Indicator) or individually (Savings Indicator and Credit Indicator). Using a non-linear regression analysis we endeavour to explain the factors influencing financial inclusion, bearing in mind not only whether people are banked, but also the possession of a set of formal financial products. In addition, we carry out the same analysis for the sub-group in the informal labour market, the sector of the population which generally suffers most financial exclusion. The results obtained for a range of financial inclusion indicators, both for the total population and for workers in informal sectors, show the need for making detailed analyses in order to encourage more participation in the formal financial system, by designing specific public policies for each population group depending on their socio-economic circumstances and geographical location.

Suggested Citation

  • Ximena Pena & Carmen Hoyo & David Tuesta, 2014. "Determinants of financial inclusion in Mexico based on the 2012 National Financial Inclusion Survey (ENIF)," Working Papers 1415, BBVA Bank, Economic Research Department.
  • Handle: RePEc:bbv:wpaper:1415

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    References listed on IDEAS

    1. Robin Burgess & Rohini Pande, 2005. "Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment," American Economic Review, American Economic Association, vol. 95(3), pages 780-795, June.
    2. Pascaline Dupas & Jonathan Robinson, 2013. "Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya," American Economic Journal: Applied Economics, American Economic Association, vol. 5(1), pages 163-192, January.
    3. Campbell, Dennis & Asís Martínez-Jerez, F. & Tufano, Peter, 2012. "Bouncing out of the banking system: An empirical analysis of involuntary bank account closures," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1224-1235.
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    More about this item


    Financial Inclusion; Personal finance; Financial institutions;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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