Mexico has 27 million households. Twenty-two million of them are low income. Even though banks reach them physically, almost none of these people choose to use bank accounts to manage their money. In this 8-minute film CGAP’s Xavier Faz talks with five low income Mexicans about their day-to-day money management strategies to better understand the kinds of financial products that would meet their needs. He finds some clear patterns in the way low income people manage their household finances: “If you just look at income,” he says, “you’re completely missing the point of who these people are and the kinds of products they would find valuable.”
The Consultative Group to Assist the Poor works toward a world in which everyone has access to the financial services they need to improve their lives. CGAP develops innovative solutions for financial inclusion through practical research and active engagement with financial service providers, policy makers, and funders. Established in 1995 and housed at the World Bank, CGAP combines a pragmatic approach to market development with an evidence-based advocacy platform to advance poor people’s access to finance. Our "Microfinance Now" series features interviews with leading figures in the world of microfinance.