According to the 'Financial Inclusion Indicators and Data' report by the Central Bank of Paraguay (BCP), the number of registered customers in the Paraguayan financial system reached 3.7 million as of December 2024. This represents 79% of the adult population aged 15 and over, estimated at 4.7 million by the National Institute of Statistics (INE). This is a remarkable growth compared to just two years ago in 2022, when the financial customer ratio was only 59%. At that time, the BCP recorded 2.7 million customers, and the INE reported an adult population of 4.5 million.
Surge in Financial System Entry in 2024... Annual Increase Rate of 21%
In 2024 alone, 658,730 new customers registered in the financial system, far exceeding the annual average increase of 198,995 from 2016 to 2023. In particular, the annual variation rate in 2024 was 21%, the highest since the BCP began monitoring this indicator in 2015. From 2015 to 2024, the number of financial customers increased by 151%, meaning the population using financial services more than doubled in nearly ten years.
Slight Decrease in Female Customer Ratio Compared to 2015... Significant Increase in Deposit and Loan Accounts
Looking at the gender distribution, 49.8% of current financial system customers are female, a slight decrease from 52.3% in 2015. However, the number of deposit accounts reached 9.8 million as of the end of 2024, a 36.2% increase compared to 2023 and more than a fivefold increase compared to 1.8 million in 2015. Especially, basic accounts increased by 19.3% to 2.2 million, a result of the financial inclusion strategy targeting low-income groups that began last year.
Double the Number of Loan Customers Compared to 2015... High Growth Rate in Per Capita Deposits and Loans
The number of loan customers, including individuals and businesses, reached 2.3 million as of December 2024, a 37% increase compared to 2023 and a twofold increase compared to 1.1 million in 2015. This shows that entry into the financial system in Paraguay leads to the use of various financial products, not just account openings.
According to a recent report by the Latin American Banking Federation (Felaban), Paraguay's per capita deposits in 2023 were $2,656, and per capita loans were $2,553, showing growth rates of 47% and 63% respectively over the past decade. These figures far exceed the Latin American regional average, demonstrating the high growth of the Paraguayan financial market.
Asoban President Emphasizes the Importance of Financial Inclusion and Technology Adoption
Liz Cramer, President of Asoban, said, "2024 was a year of significant progress in financial inclusion and technology adoption. The expansion of basic accounts and the increased use of digital remittances, e-commerce, and e-payments prove this." She also emphasized the importance of banks promoting financial inclusion through innovation, technology, and service expansion, and supporting people to make informed financial decisions through financial education.
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