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> Posted by Caitlin Sanford, Bankable Frontier Associates
“Although Paula is experiencing economic difficulties, she says that she will stretch the little money she has to cover household expenses.” -Field researcher’s qualitative journal
Today the Mexican Ministry of Finance (Secretaría de Hacienda y Crédito Público), the federal development bank BANSEFI (Banco del Ahorro Nacional y Servicios Financieros), the MetLife Foundation, and Bankable Frontier Associates (BFA) release the results of the Mexico Financial Diaries at an event at the library at the National Palace in Mexico City. The Mexico Financial Diaries, with support from the Bill & Melinda Gates Foundation and the World Bank, tracked cash flows of 185 families located on the outskirts of Mexico City, in a small town in Puebla, and in a rural Mixteco community in Oaxaca over the course of about 11 months.
Mexico is the first Latin American country where this Financial Diaries methodology has been used to collect fine-grained household finance data. These data add to the growing compendium of Financial Diaries data from Kenya, Rwanda, South Africa, India, Bangladesh, Tanzania, Mozambique, Pakistan (all implemented by BFA and partners), the U.S. (implemented by NYU’s Financial Access Initiative and the Center for Financial Services Innovation), and Zambia (implemented by Microfinance Opportunities).
> Posted by Sonja Kelly, Fellow, CFI
Last week in Mexico City, tens of thousands of people took to the streets to voice their hope for a better Mexico. In a hotel that overlooked the demonstration, members of the World Savings Bank Institute met to talk about how to make a safer and more effective financial system for those at the base of the pyramid. In terms of inclusive finance, in recent months we’ve seen significant progress. During the meeting, Vice President of the National Banking and Securities Commission (CNBV) in Mexico, Bernardo Gonzalez, opened his remarks by putting up a list of the top 10 countries in this year’s Global Microscope. Modestly, he pointed out that five of the 10 were from Latin America. Perhaps more emphatically, he highlighted Mexico’s place—fifth on the list.
As a regulator, he should be proud. Mexico’s score this year is in part a reflection of the regulatory reforms that the country has been moving forward, with attention to customers at the base of the economic pyramid. While Mexico’s microfinance sector has been under scrutiny in recent years because of notoriously high interest rates, concerns of over-indebtedness, and commercial banks hesitant to go “down-market”, a new set of microfinance regulations attempts to change things.
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