Five countries that lead bank account openings

In 2010, a survey was carried out in urban areas of 17 countries which revealed that, on average, 51 percent of the families have an account in some type of financial institution (not necessarily regulated) although in general, access to financial services in Latin America is low.      

"La educación financiera en América Latina y el Caribe. Situación actual y perspectivas" (Financial Education in Latin America and the Caribbean. Current situation and prospects) of the  Politicas Publicas y Transformación Productiva (Public Policies and Productive Transformation) series, states that Brazil (69%); Venezuela (66%); Uruguay (55.4%); Ecuador  (53.8%) and Panama  (52.7%) are the countries that lead the ranking where those surveyed have at least one bank account. 

According to the research, the reasons that explain why access to financial services is generally low in the region are associated to the lack of an institutional framework that promotes competitiveness and the development  of the financial system. 

In addition, the high levels of inefficiency and the high margins of financial intermediaries dissuade traditional banks from offering their services to geographically disperse populations, or those with low income levels. 

Therefore, until now, financial inclusion strategies have focused on reducing these access barriers on the supply side. However, the available evidence suggests that the processes may be complemented with a financial education component.