Fintech and Financial Inclusion in Latin America and the Caribbean

77 Pages Posted: 15 Feb 2022

See all articles by Marina Rousset

Marina Rousset

International Monetary Fund (IMF) - IMF Institute

Jose L. Torres

International Monetary Fund (IMF)

Frederic Lambert

International Monetary Fund (IMF)

Luis Herrera

International Monetary Fund (IMF)

Grey Ramos

International Monetary Fund (IMF)

Dmitry Gershenson

International Monetary Fund (IMF)

Date Written: August 2021

Abstract

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.

Keywords: fintech development, policy initiative, financial product, cash transfer program, ACH Colombia, electronic cash, per capita income, credit card payment, Financial inclusion, Fintech, Financial sector, Caribbean, Middle East and Central Asia, Central America, South America, Asia and Pacific

JEL Classification: G28, O54, E44, E42, G20

Suggested Citation

Rousset, Marina and Torres, Jose L. and Lambert, Frederic and Herrera, Luis and Ramos, Grey and Gershenson, Dmitry, Fintech and Financial Inclusion in Latin America and the Caribbean (August 2021). IMF Working Paper No. 2021/221, Available at SSRN: https://ssrn.com/abstract=4026422

Marina Rousset (Contact Author)

International Monetary Fund (IMF) - IMF Institute ( email )

700 19 th Street NW
Washington, DC 20431
United States

Jose L. Torres

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Frederic Lambert

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Luis Herrera

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Grey Ramos

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Dmitry Gershenson

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

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