Fintech and Financial Inclusion in Latin America and the Caribbean

Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world...

Full description

Saved in:
Bibliographic Details
Published in:IDEAS Working Paper Series from RePEc 2021-01
Main Authors: Mrs Marina V Rousset, Lambert, Frederic, Torres, Jose, Herrera, Luis, Ramos, Grey, Gershenson, Dmitry
Format: Article
Language:English
Subjects:
Bank technology
COVID-19
Financial inclusion
Online Access:Request full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.