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Mexico has made significant progress in extending financial inclusion in recent years. The National Financial Inclusion Survey 2018 shows that 68 per cent of working-age adults have access to at least one formal financial product. However a 2019 study of financial needs by insight2impact in collaboration with Comisión Nacional Bancaria y de Valores of Mexico, shows that the formal financial sector is generally not the primary channel for people to meet their financial needs. Cash continues to dominate when people need to make or receive payments, including wage payments. The development of digital financial services and the pandemic have accelerated the adoption of digital payments, including wage payments, however gaps persist in particular for low-income groups, informal workers, small enterprises and workers living in remote rural areas.
We have completed a rapid assessment on digital wages for decent work in Mexico. The field data collection focused on the coffee production, retail, and food and beverages sectors.
We validated and discussed the findings and recommendations in a workshop organised in May 2022. We are currently designing our intervention based on the study findings and further consultations with key stakeholders in the country.
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