About the initiative
Financial citizenship is based on inclusion, literacy, and participation. This is why democratizing access to financial services means creating the conditions so that everyone is empowered and takes full control over their financial lives. This is particularly relevant in Latin America, where just 50% of the population is banked. As leaders of the fintech industry in the region, we are committed to promoting financial inclusion in every country where we operate.
How we do it
Technology for inclusion
One of the premises of our business model is to use technology to overcome the barriers that hinder financial inclusion of either entrepreneurs or consumers in the countries where we operate. Based on the principle that digital transformation involves simplification, we have developed financial products and payment solutions for people who do not have a bank account because they do not meet the traditional banking system’s requirements.
We offer digital accounts and payment methods that allow easy access to both basic financial transactions, and savings and credit solutions. In addition, these developments enable people to stabilize or increase their income to become more resilient to the ups and downs of the economy, improving their quality of life.
We have created Mercado Crédito, which marks another step forward in the path to attaining our goal of democratizing access to financial services. It is a credit facility offered by Mercado Pago, our fintech, that has been especially developed to simplify access to credit and eliminate bureaucracy, targeting people who want to buy products or services in installments, or apply for a consumer loan.
Access to more sophisticated tools offers many of our users their first opportunity to achieve financial progress. At the same time, they realize that they need to learn more about money management. The expectation of having a more organized and secure financial life was captured by the study El impacto de las fintech en la educación financiera The impact of fintechs on financial literacy, conducted by Mercado Pago in partnership with Trendsity, in which 4,250 individuals stated their views, including sellers and consumers aged 16-65 years from Brazil, Argentina, Chile, Colombia, and Mexico.
Seventy-seven percent of respondents believed that they needed more financial training. Among those who had a digital wallet, no matter the type, 60% said they wanted to learn more about savings and investments. The results confirmed that people want to learn how to take full advantage of the available tools once inside the fintech world.
More about other initiatives
Sponsorship of the “Gincana da Grana”
We sponsored “Gincana da Grana,” a reality TV show hosted by Sabrina Sato and the financial literacy expert Nath Finanças. In five episodes transmitted on broadcast TV, this competition for a big prize puts a group of four personalities and their understanding of personal finance to the test.
Joint action with L-Gante
L-Gante and other artists’ music set the pace of the campaign that focuses on the basics of financial literacy for all those who want to avoid debts and make the most of their money.
Quality financial access
Jointly with Nubank, Google, and other innovative businesses in Brazil, we established Zetta, an association focused on discussing the digitalization of the economy, and promoting the digital and financial inclusion of thousands of Brazilians who do not have access to traditional financial institutions.