In Mexico, access to formal credit continues to be a structural challenge, particularly for women. According to INEGI data, only 36% of them have access to formal financing, a gap that reflects limitations in traditional assessment models and in the design of financial products. In an interview with Publimetro, Nicolás Schiaffino, VP and Country Manager of PayJoy Mexico, pointed out that the problem is multifactorial and is mainly linked to high labor informality and the lack of credit history among large segments of the population.
Informality and lack of credit history, main barriers. The executive explained that a significant part of the population in Mexico works in the informal economy, which makes it difficult to generate sufficient financial information to access credit under traditional schemes. This is compounded by limited innovation in products designed for underserved sectors, particularly women, who often perform multiple economic roles within the household, from managing expenses to entrepreneurship. “There is a pending task in designing products that really adapt to the financial life of these users,” he stated in an interview with Publimetro.
Traditional models, surpassed by new dynamics. Schiaffino warned that current risk models continue to be based on traditional information, which excludes those who operate outside formal schemes, such as independent or temporary workers. In this context, alternatives based on the use of non-traditional data and digital technology are emerging, allowing for the evaluation of users' financial behavior beyond their banking history.
The mobile phone as a gateway to credit. One of the emerging models is financing through mobile devices, where access to a smartphone serves as an entry point to the financial system. According to the executive, this scheme allows for the inclusion of users who previously had no access to credit, as well as generating information about payment habits and financial behavior. In Mexico, more than half of the users of this type of platform are women, many of them under 35 and with independent economic activity.
Women: greater financial discipline, less access. One of the relevant findings is that women show better credit behavior compared to men, with payment levels up to 30% higher in some cases. However, this greater discipline does not translate into better access conditions, which shows a disconnect between assessment models and the economic reality of this segment.
Financial education and regulation, keys to the system. The executive stressed that the expansion of digital credit must be accompanied by financial education and greater transparency to avoid over-indebtedness risks and improve the understanding of products. He also highlighted the need for both the public and private sectors to promote models that incorporate new sources of information to assess credit risk.
Access to credit, an axis for social mobility. Financial inclusion remains one of the main engines of social mobility. Without reducing the gap in access to credit, Schiaffino warned, it will be more difficult to build a more equitable economy with greater development opportunities.
