Achieving Financial Inclusion in Brazil

Brazil is doing something different around payments. It is driving increasing levels of financial inclusion using digital payments, something much talked about but seldom delivered. Brazil has achieved this by the central bank overhauling its payment regulatory framework and encouraging its fintech and financial sector to use technology and be entrepreneurial to meet the needs of the people.

The pandemic has driven increased adoption rates, with some 16 million people entering the financial system. 85% of Brazilians now have access to financial services, a significant increase in the banked population. There is, of course, more to do.

One bank in particular, Nubank, has opened access to the financial system for 5.6 million people who had been outside of the banking system. Nubank is a digital banking platform which was only founded in 2013. It now has 53 million customers.