Introduction
Claudia Sheinbaum, the President of Mexico, has once again emphasized the need for increased and responsible credit access in the country to boost small and medium-sized enterprises (SMEs), entrepreneurs, and working families. In the context of Banco de México’s (Banxico) 100th anniversary celebration, Sheinbaum highlighted the challenge for Mexico’s financial system to become more competitive and accessible.
Credit Scarcity in Mexico
Sheinbaum pointed out that, among the leading Latin American and global economies, Mexico ranks low in credit disbursement relative to its Gross Domestic Product (GDP). This situation leaves millions of families, entrepreneurs, and small businesses struggling to access financing.
Without adequate credit, productive development stalls, innovation is limited, and social inequality may deepen. Sheinbaum stressed the need to expand access to responsible credit that supports SMEs, entrepreneurs, and hardworking families.
Plan México and Credit Expansion
Under Plan México, Sheinbaum emphasized the necessity for increased credit availability for SMEs. To achieve this, an agreement has been signed with private banking in Mexico, and initial working groups have already begun to address the matter.
The focus is on promoting responsible credit growth aimed at productive investment, strengthening SMEs, internal consumption, and job creation.
Digitalization and Internet Access: Another Challenge
Sheinbaum also challenged Mexico’s financial sector to accelerate digitalization and improve internet access. She noted that the rapid transformation of the financial world requires Mexico to keep pace.
Technological innovation in payment systems, banking services, and digital inclusion should serve the people, young individuals, women, and those historically excluded from the financial system.
Sheinbaum stressed that the dual challenge is to ensure low inflation and stable growth while fostering equitable growth involving more responsible credit, increased productivity, poverty reduction, and decreased inequality. Collaboration among Banxico, the federal government, development banks, and private banking is essential to continue progressing.
Banca’s Commitment
Emilio Romano, President of the Mexican Banks Association (ABM), affirmed in an interview that the banking sector is committed to supporting Banxico and President Sheinbaum’s call on these issues.
Key Questions and Answers
- What is the main issue addressed by Claudia Sheinbaum? Sheinbaum emphasized the need for increased and responsible credit access in Mexico to support SMEs, entrepreneurs, and working families.
- Why is credit scarcity a problem in Mexico? Mexico ranks low in credit disbursement relative to its GDP, leaving millions struggling to access financing and hindering productive development.
- What is Plan México’s role in addressing credit scarcity? Plan México aims to increase credit availability for SMEs through agreements with private banking and working groups focused on responsible credit growth.
- What additional challenge did Sheinbaum present to the financial sector? Sheinbaum called for accelerated digitalization and improved internet access to keep pace with the rapidly transforming financial world.
- How is the banking sector responding to these challenges? The ABM’s Emilio Romano stated that the banking sector is committed to supporting Banxico and President Sheinbaum’s initiatives.
