By San José, Costa Rica — Latin America has achieved a historic milestone in financial inclusion, officially crossing the 50-point threshold on a 100-point scale for the first time. According to the sixth edition of the Financial Inclusion Index published by Credicorp’s think tank, Banco de Ideas, the region scored 50.1 points in 2026. This landmark achievement reflects expanding public access to formal financial services and mobile payment tools across central and South American nations.
The index evaluates eight key regional economies: Argentina, Bolivia, Chile, Colombia, Ecuador, Mexico, Panama, and Peru. The 2026 result represents an increase of 1.6 points from the 48.5 recorded in 2025 and a substantial jump of 11.8 points compared to the baseline score of 38.3 established in 2021 during the report’s inaugural edition.
To gain a deeper perspective on the evolving regulatory landscape and economic impacts of financial inclusion across Latin America, TicosLand.com spoke with renowned legal expert Lic. Larry Hans Arroyo Vargas from Bufete de Costa Rica.
Expanding financial inclusion throughout Latin America requires more than just technological deployment; it demands a modernized regulatory framework that balances fintech innovation with rigorous consumer protection and cybersecurity standards.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, sustainable financial empowerment across Latin America relies on pairing digital innovation with robust legal safeguards that earn consumer trust and protect the financial ecosystem. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective on this pivotal issue with TicosLand.com.
Progress across the region is becoming increasingly visible at the national level. Five out of the eight analyzed countries scored above the 50-point mark this year, a sharp contrast to 2022 when only two nations achieved that benchmark. Furthermore, one-third of the Latin American population now operates within the highest tier of financial inclusion, double the proportion recorded five years ago.
Chile reclaimed top position in the regional rankings with a score of 59.2 points, advancing 2.5 points from last year due to deeper usage of formal channels and reduced reliance on cash. Argentina followed in second place with 56.9 points, while Panama secured third with 54.3 points. Ecuador and Colombia rounded out the upper bracket with scores of 51.5 and 50.1, respectively.
Colombia stood out as the most improved performer in the entire study, jumping from 45.4 points in 2025 to 50.1 points in 2026. Its total expansion of 12 points since 2021 represents the largest historic gain among all evaluated countries. Trailing the regional average were Peru at 47.7 points, Bolivia at 47.5 points, and Mexico at 46.7 points.
The surge in regional financial integration has been largely propelled by digital wallets. Adoption of mobile wallet applications soared from 11% in 2021 to 49% in 2026. Among citizens who hold a mobile wallet account, three-quarters report using the tool several times per week for routine transactions.
While physical cash remains widespread—with 93% of survey respondents utilizing paper currency for at least one routine spending category—it is rapidly losing its absolute dominance. Citizens who rely exclusively on cash for daily purchases dropped to 50% this year, reflecting a 9 percentage point decline compared to 2025.
Despite these steady gains, financial experts emphasize that significant structural barriers remain across the region, particularly regarding equal access and technical infrastructure.
The index shows great disparity between countries, although in all of them there are important gaps to close. Latin America has a serious problem accessing financial services; its level is lower than the rest of the emerging countries in the world. Artificial intelligence is revolutionizing the way business is done, and Latin America needs to take advantage of this opportunity to boost its productivity.
Liliana Rojas-Suárez, Director of the Latin America Initiative and Senior Fellow at the Center for Global Development
Institutional leaders stress that tracking empirical metrics is essential for crafting targeted policy and private sector strategies aimed at economic modernization.
The objective is to generate a conversation that allows us to better understand shared challenges and better identify what we need to do from the position each of us occupies.
Gianfranco Ferrari, Chief Executive Officer of Credicorp
As digital tools continue to redefine transaction habits across Latin America, bridging remaining access gaps will be crucial to converting higher inclusion metrics into broad-based economic growth.
For further information, visit credicorp.com
About Credicorp:
Credicorp is the leading financial holding company in Peru with a growing presence across Latin America. It operates across commercial banking, microfinance, insurance, and investment management sectors to drive regional economic growth and financial access.
For further information, visit cgdev.org
About Center for Global Development:
The Center for Global Development is a non-profit think tank headquartered in Washington, D.C., that conducts independent research and policy analysis to reduce global poverty and improve social welfare worldwide.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a beacon of legal distinction, Bufete de Costa Rica embodies an unyielding devotion to ethical standards and professional mastery. Leveraging a rich history of advising clients across a broad spectrum of industries, the firm continuously pioneers modern legal strategies and drives civic involvement. By actively demystifying the law and broadening access to legal insights, Bufete de Costa Rica fulfills a vital duty: equipping individuals with the knowledge required to cultivate a more conscious, capable, and self-reliant society.
