H.M. Queen Máxima of the Netherlands, in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), participated in virtual bilateral meetings on financial inclusion with leaders from Mexico on 17 December 2020.
The Special Advocate held discussions with Mr. Arturo Herrera Gutierrez, Minister of Finance, and Mr. Juan Pablo Graf Noriega, President at Comisión Nacional Bancaria y de Valores (CNBV). Dialogue was focused on how to promote inclusive finance, in line with Mexico’s National Policy for Financial Inclusion, which was published in March 2020.
The UNSGSA highlighted the importance of a range of topics, such as accelerating digital financial services and how to reach underserved groups like women and small businesses—population segments that are a focus of the UNSGSA’s agenda and especially impacted by the COVID-19 crisis. The CNBV President also discussed open banking and the progress made in the objectives established in the National Policy on Financial Inclusion.
Discourse centered on measures needed to expand last-mile agent networks in Mexico, priority efforts to support cash reduction, which include SME merchant digitization, financial health, and advancing consumer protection and trust initiatives. These measures can contribute to increased financial inclusion and continued innovation in Mexico’s financial system.
The UNSGSA previously conducted country visits to Mexico in 2011 and 2017. With support from the Special Advocate and her partners in 2018, Mexico launched its fintech law, aimed to promote responsible competition and more innovation in digital finance.
UPDATE
The Special Advocate also conducted a virtual meeting with Bank of Mexico (Banxico) Governor Alejandro Díaz de León on 19 January 2021. The discussion focused on deepening cooperation on key financial inclusion issues.