Financial inclusion across Latin America has reached its highest level on record, with digital wallets emerging as a powerful force in bringing millions of people into the formal financial system. A new regional study reveals that almost half of adults surveyed now use mobile wallets, compared with just 11 per cent five years ago, marking a significant transformation in how people access and manage money.
A historic milestone for financial inclusion
The 2026 Financial Inclusion Index, published by Peruvian financial group Credicorp on 19 October, shows that the eight Latin American countries surveyed achieved a combined score of 50.1 out of 100 for the first time.
This compares with 48.5 in 2025 and 38.3 when the research began in 2021.
The study, based on interviews with more than 13,400 adults, measures access to financial services, frequency of use and customers’ perceptions of service quality.
Digital wallet adoption has increased dramatically, reaching 49 per cent of respondents in 2026. Approximately three-quarters of wallet users make transactions several times a week.
Chile leads while Colombia makes the fastest progress
Chile topped the regional ranking with 59.2 points, followed by Argentina at 56.9 and Panama at 54.3.
Colombia recorded the strongest annual improvement, climbing from 45.4 to 50.1 points, supported by greater use of mobile wallets and expanded access to financial products, including microcredit.
Mexico ranked last among the eight countries surveyed, scoring 46.7 points despite its rapidly developing fintech industry.
The findings demonstrate that investment in financial technology does not automatically translate into widespread financial inclusion.
Cash remains important despite digital growth
Although digital payments are becoming increasingly common, cash continues to dominate many everyday transactions.
The study found that 93 per cent of respondents still use cash for at least some daily expenses.
Rural communities, informal workers and lower-income households continue to face barriers, including limited internet connectivity, financial literacy and access to appropriate banking products.
Financial inclusion across Latin America has reached its highest level on record, with digital wallets emerging as a powerful force in bringing millions of people into the formal financial system. A new regional study reveals that almost half of adults surveyed now use mobile wallets, compared with just 11 per cent five years ago, marking a significant transformation in how people access and manage money.
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