Financial inclusion in Panama
current status and future strategies
DOI:
https://doi.org/10.37387/ipc.v9i3.262Keywords:
Panama, Financial Inclusion, Economy, Inequality, StrategyAbstract
The outlook of financial transactions has undergone radical changes. The speed of these changes as well as the new technologies implemented is important, however, concern is growing in the sense of making these new financial technologies include especially the most humble people in society.
The objective of this document consists first of all in reviewing the status of Financial Inclusion in Panama, comparing these figures both with the rest of the countries of Latin America and the Caribbean and with the countries which are classified as upper middle incomes countries, a classification that included the Republic of Panama because at the beginning of the study but before, the country was reclassified as a High Income country.
According to the results of the investigation of Global Findex and the Little Data Book on Financial Inclusion of the World Bank and of the statistical information of the Superintendency of Banks of Panama regarding the positioning of the Republic of Panama, both in Latin America and in regards to the rest of countries with upper middle incomes, a situation between stagnation and low levels of financial inclusion can be observed in our country.
To reverse this situation, the current Financial Inclusion Strategy proposal was prepared, in which objectives were established to change the current stagnation situation in medium and long-term scenarios.
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