Mexico | In six years, the number of savings and transactional accounts has grown by 37.1%

This note analyzes financial inclusion based on the historical behavior of the number of accounts and the balances of savings accounts (savings, transactional accounts, payroll accounts, and term deposits) at the national and state level with information as of the end of 2024Q2.

Key points

• Key points:
• In six years (from 2018Q2 to 2024Q2), savings and transactional accounts in national currency grew by 37.1%, while payroll accounts grew by 18.1%, and term deposit accounts decreased by 13.3%.
• In the quarter after the start of the emergency declaration due to the pandemic (2020Q2), the average balance in payroll accounts grew by 11.5% compared to the previous quarter.
• After 2021Q3, although there are several quarters with growth in the average balance of term deposit accounts in national currency, these increases have been reduced until they became negative in 2024Q2.
• In 2023, Mexico is ranked 68th out of 111 countries with 1,154 accounts per 1,000 adults.
• Mexico City is the country with the highest number of deposit accounts per 10,000 inhabitants (24.2 thousand savings and transactional accounts, 7.5 thousand payroll accounts, and 0.8 thousand term accounts).

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