Mexico | Financial inclusion in children

This press release provides information about the financial instruments that minors can access in Mexico, as well as the advantages of having access to this type of tools at that age and poses some challenges.

Key points

• Key points:
• The importance of being financially included is such that the Mexican Government has a National Financial Inclusion Policy 2020-2024 and some of its goals for 2024 are that 77.2% of adults have at least one financial product and that 85.3% use their account to make payments.
• There are different strategies to achieve financial inclusion, among them are those that have to do with children. For example, promoting economic-financial education among the school-age population or allowing the use of financial services.
• In Mexico, children are able to have a bank deposit account on their name (subject to certain requirements) and through their parents or guardians, in addition to the bank account, an individual Afore account, an investment account in Cetes (which is not exclusive for sons or daughters, but also to any minor such as nephews, godchildren or any other). However, they don't have access to a credit card, unlike in other countries.
• In April 2023, there were 94 000 “Afore Niños” accounts (around 0.2% of the underage population in Mexico) and in July 2023 there were 106 000 active Cetes contracts for people between 0 and 17 years old (0.3% of the total minor population).

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