Access to credit by both consumers and businesses across Latin America is scant, thanks to overly conservative banks, underdeveloped credit bureaus, and high levels of informality. In Mexico, there are 33 million credit cards, distributed among 18% of the adult population, or roughly 16 million people. This is less than half of Mexico’s total banked population; in other words, being banked does not equate to being financed.
Mexico’s small lending market raises eyebrows, considering the country’s sizable middle class, which is, in theory, creditworthy. As a result, a slew of innovative players are entering the market to capitalize on this latent demand.
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