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Mastercard released a new report today, The State of Financial Inclusion post COVID-19 in Latin America and the Caribbean: New Opportunities for the Payments Ecosystem, demonstrating the mainstream adoption of digital financial products and services across seven Latin American countries (Argentina, Brazil, Colombia, El Salvador, Guatemala, Mexico, Peru) and the challenges that remain among those still excluded from the financial system. Conducted in partnership with Americas Market Intelligence (AMI), the report highlights that while most Latin Americans gained access to basic financial products between 2020 and 2023, 21% are still excluded.

“Today, financial inclusion is a priority that goes beyond access. To be truly successful, financial services need to be widely utilized. Helping people and communities scale the financial inclusion ladder – from access to usage and beyond – is a critical component on the journey to reach new levels of economic prosperity,” said Marcela Carrasco, Senior Vice President, Market Development, Financial Inclusion, Latin America and the Caribbean.

Photo courtesy of geralt.