In Brazil, around 84 per cent of adults have access to financial accounts.
In brief:
- Findings from the study by Mastercard and Nubank, which measured the financial inclusion impact on individuals, found that Brazil currently stands out in Latin America as being ready to grow financial inclusion and health, with 70 per cent card penetration, 55 per cent card usage and a high level of real-time payment usage.
- Providing the unbanked and underbanked populations access to financial services could generate significant economic and social impact. Sixty per cent of Nubank’s customers moved from financial access to usage in 24 months and 40 per cent within 12 months, regardless of income level.
-While the majority of adults do have access to financial accounts, may lack the financial education to progress along the inclusion journey, the study explained.
What does this mean?
Cristina Junqueira, co-founder and chief growth officer at Nubank, discussed this issue: “Since Nubank was founded, financial education has always been one of our pillars and it is also present in the design of our products and services in order to empower consumers to make the best decisions for their lives and have control over their money.
