Amounts Transacted through Electronic Means Increased 25%

The use of electronic means of payment continued expanding in the first half of 2023. Against a backdrop of high financial inclusion in terms of number of persons with bank or payment accounts, the transacted amounts per adult rose by 25% at constant prices against the first half of 2022. According to the information included in the latest Financial Inclusion Report published by the BCRA, each adult made, on average, 25 monthly transactions through electronic means, reaching a historic high.

The number of persons with accounts kept on rising, reaching 35.7 million as of June 2023, with account holding thus approaching full coverage in the adult population.

Moreover, the number of persons holding both bank and payment accounts climbed from 18.3 million in December 2022 to 20.1 million in June 2023, accounting for over 55% of the adult population. This trend would indicate that people are taking advantage of accessing a wide range of interoperable financial services.

Other highlights of the report are the following:

The number of persons with movements in any of their accounts amounted to at least 21.9 million in the second quarter of 2023. This way, 61.4% of persons with accounts had at least one debit or credit transaction. The population aged 20-44 showed the highest activity levels (over 70%), the maximum level seen in the 25-29 age group.

The number of time deposits in pesos made by natural persons stood at 8.2 every 100 bank accounts, reaching the highest level in the past 4 years. This metric increased 45% between June 2022 and June 2023. This growth is also reflected in a higher share of time deposits in pesos in total stocks of savings and investment products, going up from 37% in June 2022 to 43% in June 2023.

The number of companies and organizations with accounts reached 500,000 in June 2023, up 13,000 compared to December 2022. Companies and organizations that operate only through bank accounts had the greatest share (80%), followed by those that have both types of accounts (19%) and finally those that hold payment accounts only (1%).

The percentage of the adult population with a credit product in the broad financial system (BFS) increased 0.9 p.p. compared to December 2022, reaching a 55.4% share as of June 2023. This way, a dynamic in which new persons with a credit product are being incorporated in the BFS is consolidating, but with a reduction in the average balance per debtor.

The number of micro-, small- and medium-sized enterprises (MSMEs) with a credit product in the BFS kept on growing in the first half of 2023. One million MSMEs had a credit product in the BFS as of June 2023, with a net increase of nearly 57,000 compared to June 2022. Moreover, the MSMEs’ stock of financing in the BFS recorded a 5.1% y.o.y. fall at constant prices.

The support provided through the BCRA's Credit Line for Productive Investment (Línea de Financiamiento para la Inversión Productiva, LFIP)—which accounted for 28.5% of the total stock of financing to MSMEs—continued to have a positive impact in terms of financial inclusion focused on the productive development of MSMEs.

Download document - in Spanish -

October 30, 2023