In the Annual Financial Inclusion Outlook 2022the concept of financial inclusion is defined as access to and use of formal financial services under appropriate regulation that guarantees consumer protection schemes and promotes financial education to improve the capabilities of all segments of the population.
At Mexicofinancial inclusion has been gradually gaining ground, and the ecosystem has been an essential part of this. FintechThe company is made up of startups that are offering their users innovative alternatives to obtain credit and financing in a fast, accessible and secure manner, Infobae highlights.
With the support of the National Commission for the Protection and Defense of Financial Services Users (Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros) (Condusef), these technology companies are gaining ground and user confidence by providing financial inclusion and customized solutions.
Since 2016, the ecosystem Fintech has grown by an average of 23% in Mexico, second only to Brazil in Latin America. In 2020, 441 Mexican Fintechs were identified; by 2021 they grew by 16 percent, reaching 512, reflecting the upside potential and opportunities offered by this constantly evolving sector.
These new companies have taken advantage of technology to offer their users more efficient and personalized financial services, thereby generating a significant impact on the lives of citizens by facilitating access to credit and financing.
One of the main advantages offered by Fintechs is their ability to use advanced algorithms and alternative data to assess the credit risk of applicants. Unlike traditional banks, which generally rely on credit histories and red tape, these companies can provide credit even to people with no credit history, opening up opportunities for greater financial inclusion.
In addition, the agile and efficient processes of Fintechs eliminate the long waits and bureaucracy associated with traditional lending, offering a more satisfying experience for users.
Some Fintechs in Mexico
- Baubap: This platform offers financing of up to five thousand pesos, providing personalized and fast options to obtain a loan.
- DiDi Loans: Known for its delivery and travel services, DiDi also has a loan wallet of up to almost 30,000 pesos, offering access to credit in a matter of hours.
- Nu, Bitso and Klar: These Fintechs offer a credit card mechanism backed by Mastercard, providing advantages and benefits to users who wish to access this type of financial products.
- Cashi: This platform offers a credit through Finvero, which can be used in certain participating stores nationwide.
Verify legitimacy
Before applying for a loan in any company, the user must verify its legitimacy, prioritizing financial security and personal data protection.
Condusef supports reliable Fintechs, but also warns about possible risks and frauds in the sector. Therefore, it is essential to carefully review the services offered and ensure that the platform is backed by the National Banking and Securities Commission and complies with established regulations.
Source: Infobae
