Critical Factors for Financial Inclusion in Mexico
Journal
Journal of Risk and Financial Management
ISSN
1911-8074
Publisher
MDPI AG
Date Issued
2026
Type
text::journal::journal article
Abstract
Financial inclusion is widely regarded as an important driver of economic development and social well-being, yet existing evidence often treats inclusion as a uniform process. This study examines how different channels of financial inclusion relate to regional economic activity across Mexican states between 2018 and 2023. Distinguishing among traditional banking infrastructure, card-based financial products, and digital inclusion through mobile banking, the analysis finds that digital adoption is the most robust margin associated with higher economic activity, even after accounting for persistent regional differences. Dynamic evidence further suggests a sequential, mobile-first pattern of financial deepening, in which the expansion of mobile banking precedes improvements in economic performance and the later diffusion of credit-based instruments. In contrast, traditional access indicators display weaker short-run associations with regional output. Overall, the findings highlight the importance of technological channels and timing in shaping the economic impact of financial inclusion, particularly in regions where physical financial infrastructure remains limited. ©The authors ©MDPI
License
Acceso Abierto
How to cite
Terán-Bustamante, A., Morganti, P., & Rivas-Aceves, S. (2026). Critical Factors for Financial Inclusion in Mexico. Journal of Risk and Financial Management, 19(4), 260. https://doi.org/10.3390/jrfm19040260