line and convert investors into shareholders and creditors. analogously, in mexico, some firms which distribute their products in small retail establishments have facilitated the use of electronic means for cash management and payments, incorporating a significant number of very small businesses in the financial sector. these kinds of initiatives, well - regulated and undertaken with caution, allow families and communities to build savings and start new businesses which increase basic capacities, generate income, and help them fight against inefficiency and poverty. at the same time, formal financial intermediaries can complement and develop these projects to generate permanent customers. conclusion financial inclusion engenders benefits for the population as well as for intermediaries. the lowering of costs through technology can allow the harmonization of popular forms of finance with formal services. we should learn, then, to assimilate financial schemes which originate in society. numerous experiences prove that modifying paradigms and using creativity to extend financial services is not only an activity with enormous social impact, but also, good business. bis central bankers ’ speeches

s municipalities, a commission agent is the only way formal banking services are provided. 4 in addition, mobile phones have begun to be used as a financial services medium. even if they have not yet become a wide distribution channel, partly due to platform development and interconnection problems, their potential is enormous. with mobile phones, the use of which is widespread across all income brackets, individuals today can carry out various basic operations such as consulting savings balances and making payments to third parties. shared challenges on financial inclusion despite this progress, a lot remains to be done to incorporate those not served by the banks. given the fact that apparently many challenges to financial inclusion come from high costs and low profitability, the use of new technologies and the facilities brought by telecommunications will without a doubt continue to play a key role in augmenting the possibilities of banking penetration in mexico. beyond the factors that drive success is the need for all players to be actively involved in the endeavor of financial inclusion. the authorities should continue to promote the interconnection of services, competition in the banking industry, and transaction safety. in an important way, they should also strengthen the prudential and supervisory frameworks so that previously informal activities become incorporated in a way that safeguards the population ’ s wealth with due caution. the financial intermediaries, in turn, should keep participating actively in the development of these markets, creating new ways of servicing an ever wider and more heterogeneous public. see the key reasons for which an individual decides not to open a bank account in ibid, p. 22. the cnbv reports the data on coverage by commission http : / / portafoliodeinformacion. cnbv. gob. mx / bm1 / paginas / infoper. aspx agents at the municipal level bis central bankers ’ speeches in the final analysis, keeping up with the pace of society will continue to be essential to broadening the formal financial system. throughout the world, it has been clear that many market transformations have come from social initiatives or businesses with the imagination, creativity and technology to satisfy savings, lending and payment needs. for example, in many countries, innovations have included the creation of peer - to - peer platforms, which pinpoint matches between those who seek loans with savers who decide to lend. another method, crowdfunding, has become a popular way for firms seeking loans and previously analyzed by the platform to sell their shares on -