FGVcemif publishes study with Plano CDE and the Gates Foundation on the financial inclusion of the low-income population in Brazil

The Center for Microfinance and Financial Inclusion Studies at FGV EAESP (FGVcemif) publishes the final report The journey of low-income individuals towards financial inclusion in Brazil, produced in partnership with Plano CDE and funded by the Gates Foundation. The study analyzes the financial inclusion of the low-income population in Brazil, one of the fastest episodes of financial inclusion in the world over the past decade, focusing on access, use, and quality.

Between 2016 and 2023, account ownership among Bolsa Família beneficiaries rose from 55% to 86% among men and from 64% to 92% among women, and Pix became the main payment instrument for daily transactions. Analog behaviors persist, however: approximately 76% of beneficiaries still withdraw the full amount of their benefit. Credit usage more than doubled between 2018 and 2024, concentrated in expensive products such as credit cards and revolving credit, and 35% of those surveyed report overdue debts.

The study concludes that access alone is not sufficient, and that the next stage of financial inclusion requires consumer protection, responsible credit markets, greater trust in digital financial services, and financial literacy.

Access the study in the FGV Digital Repository.

Access the Midterm Report (Feb 2025).