One of the objectives of the BCRA is to promote financial inclusion in the light of regulatory challenges presented by technological advances, focusing on the most vulnerable segments of the population and on the gender gap.
The crisis brought by the COVID-19 pandemic has highlighted the importance of building a financial system that ensures adequate access to bank accounts, electronic means of payment, and savings and financing instruments. Moreover, this exceptional situation has shown even more clearly the structural importance of developing financial skills—particularly in the case of the most vulnerable groups.
Over the years, the BCRA has authorized financial institutions to offer new financial products and services, promoted the development of a service infrastructure, and regulated prices or fees for basic financial services, thus contributing to economic development with social equality. Households and companies' financial inclusion is a must to achieve a deeper, stronger, wide-ranging and fairer financial system for all the population.
At a global level, financial inclusion is an essential tool for mitigating some of the negative consequences that the pandemic has brought about. It is essential to have a widespread financial system that may allow individuals and companies to access physical and digital financial services to face current challenges.
For the purpose of assessing financial inclusion, the BCRA monitors the variables related to the access to and usage of financial services on an ongoing basis. These metrics are disaggregated as follows: by gender, age and location, in the case of individuals; and by size, activity sector, and location, in the case of companies. This enables the BCRA to assess the development of financial inclusion in Argentina before making policy decisions.
The outcome is released every six months in the Financial Inclusion Report (IIF) together with the measures adopted in this regard. The current report focuses on the behavior of certain indicators during the preventive and compulsory social isolation established by the National Government.To access previous editions, click here
November 10, 2020.