Fintech and Financial Inclusion in Latin America and the Caribbean

By Dmitry Gershenson, Frederic Lambert, Luis Herrera, Grey Ramos, Marina V Rousset, Jose L. Torres

August 20, 2021

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Dmitry Gershenson, Frederic Lambert, Luis Herrera, Grey Ramos, Marina V Rousset, and Jose L. Torres Fintech and Financial Inclusion in Latin America and the Caribbean, (USA: International Monetary Fund, 2021) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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.

Subject: Economic sectors, Financial inclusion, Financial markets, Financial sector, Financial services, Fintech, Technology

Keywords: ACH Colombia, Asia and Pacific, Caribbean, Cash transfer program, Central America, Credit card payment, Electronic cash, Financial inclusion, Financial product, Financial sector, Fintech, Fintech development, Middle East and Central Asia, Per capita income, Policy initiative, South America

Publication Details

Pages:

77
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2021/221
Stock No:

WPIEA2021221
ISBN:

9781513592237
ISSN:

1018-5941

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