Comisión Nacional Bancaria y de Valores

Progress with gaps.

INEGI and the CNBV's Financial Inclusion Survey, ENIF 2024, shows real advances.

Sixty-three percent of adults aged eighteen to seventy had at least one formal savings account, up eighteen point nine points since twenty fifteen.

Still, behaviors lag behind access.

In 2020, the regulator took its first step with a deliberately gradual approach, Start with the simplest thing, like knowing which ATMs each institution has and where, before moving into more complex territory like the financial data that shows how someone spends, saves, or pays off debt.

By the end of 2025, Mexico had close to 1,000 active fintech initiatives, according to Fintech Mexico, and only a fraction held formal authorization as a financial technology institution with the CNBV.

Most operate under other legal structures, subject to other kinds of rules— Personal data protection, anti-money laundering, just not the specific open finance framework, which still doesn't exist.

Even so, they already connect data and integrate services without waiting for that particular piece to be ready.

Brazil, which built its own framework around the same time as Mexico's fintech law, now counts more than 138 million people with active data sharing consents in its open finance ecosystem, July 2026, nearly two-thirds of its 214 million residents.

Fortunately, designing that version of its own doesn't depend on a new law.

The CNBV already has the authority to issue those rules without going through Congress, though doing it well depends as much on that authority as on the industry itself sitting down to build alongside the regulator, rather than waiting on the other side of the table.

And if the current landscape makes anything clear, it's that taking that first step doesn't require having every detail solved.