Latin America is home to one of the world’s largest financially excluded populations, and local fintechs are proving there’s serious growth in reaching them. These neobanks and payment innovators have cracked the code of monetizing financial inclusion. Foreign banks looking to tap into Latin America’s underbanked millions will need to learn from—and, where possible, partner with or acquire—the fintechs already winning the market.

Key Question: How can international banks tap into Latin America’s large underbanked customer base in an ultra-competitive market?

Key Stat: Latin America had the world’s second-largest proportion of unbanked adults as of 2021, trailing only the Middle East and Africa, per Boston Consulting Group (BCG) analysis of World Bank data. This makes the market a prime target for inclusive banking solutions.