Panama Shines in Credicorp’s Inclusion Index

Despite a two-point decline, Panama remains among the top three countries in Latin America in terms of financial inclusion, according to a report from Credicorp Holdings. The study, commissioned by Ipsos, assessed access, usage, and quality of financial services in the region.

The third edition of the Credicorp Financial Inclusion Index (IIF) covered countries such as Bolivia, Colombia, Chile, Ecuador, Mexico, Peru, and Argentina. With interviews conducted with 13,000 people, the report notes that the region has a financial inclusion index of 45.5 points, placing it at a medium-low but stable level, with a 1-point increase from 2022.

Gianfranco Ferrari, CEO of the Credicorp Group, emphasizes the group’s strategy focused on financial inclusion to achieve efficient interaction between individuals and the financial system.

According to the IIF, Panama leads with 52 points, standing out for users’ knowledge of financial products. Panamanians are familiar with at least 9 products, surpassing the regional average of 7, a consistent trend in all three editions of the IIF.

Panama, along with Colombia and Argentina, leads in the use of digital wallets, with a growth of 18 percentage points since the study’s inception, reaching 51% of users.

Regarding savings, Panama records the highest percentage of people saving in the financial system, despite a 7-point decrease from 2022. In trust in the financial system, Panama stands out with 67 points, reflecting citizens’ positive perceptions of financial institutions.

In the usage dimension, Panama ranks third but with a significant decrease of 6 points, reaching 35.1 points. This decline is attributed to a reduction in the number of Panamanians using formal means for transfers, dropping from 43% to 33%.

The IIF was presented in Lima, Peru, during the Regional Meeting on Development and Financial Inclusion organized by Credicorp Group of Peru. In addition to addressing financial inclusion, the meeting also analyzed the economic outlook for the region in 2023.