From the introduction of the first chapter of the report:
Access to financial services - Development and Welfare
Why could access to financial services be an important factor for economic development and welfare in Latin America? A first important aspect is that financial institutions have the mission to attract domestic savings, and possibly also those from external sources, to finance both working capital (liquidity needs) such as business investment (physical capital). Meanwhile, families also require credit to finance investment or expenditure needs (e.g. children's education or purchase of durable goods), whose timing may not coincide with the availability of current income or savings.
Apart from the savings and credit services, the financial system provides assurance services, crucial for investment projects subject to events or fatalities that could negatively affect their return (e.g, climatic instability in the case of agricultural production), and for the welfare of families, subject to accidents or diseases of the head of household or any of its members. Finally, a very important service offered by financial institutions is associated with the facilitation of transactions or the methods of payment in the economy.
Source: CAF
More on this topic
January 2010
The number of basic banking services offered by local, small stores increased 27.6% when compared to 2008.
Currently there are 1.915 agencies offering basic transactions like cashing small checks and paying public services.
"In Guatemala, two banks have implemented this business model: G&T Continental and Industrial (BI)", reported Prensalibre.com. "In 2010, G&T expects to grow 30% in this segment, and BI 25%".
October 2011
New technologies will be the basis for changes affecting users of financial services in the future.
Accessing your account from Facebook and financing being offered at the time you buy a product are some of the innovations that we could be seeing in the coming years in the banking industry.
September 2010
Bank Accounts per 1,000 adults: Costa Rica 1354, Guatemala 1140, Honduras 758, Panamá 412.
In branches per 100,000 adults, Guatemala is first with 35, followed by Costa Rica with 23, Panamá 18, El Salvador 9, and Honduras 2. No available data for Nicaragua.
Financial Access 2010 is the second annual survey of financial regulators in more than 140 countries covering the turbulent period between 2008 and 2009.
January 2011
Panama ranks second in Latin America in number of bank branches and ATMs per 100,000 people with 90.28, surpassed only by Brazil with 99.37.
"Banking, or access to banking services, plays an important role in economic development of countries and in reducing poverty while promoting income distribution."
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