Since 2021, this study has measured the levels of access, usage, and perceived quality of the financial system in eight Latin American countries.
Currently, 42% of Panama's population has reached the Achieved level of financial inclusion, representing a 4 percentage point increase from 2021. In Perceived Quality, Panama leads with 69 points and stands out for its confidence in the financial system, with a score of 3.32, the highest in the region.
Digital wallet adoption is growing
Panama is now one of the countries with the highest adoption of mobile wallets in Latin America: according to the IIF 2025, 69% of citizens report having one, a level surpassed only by Argentina and Colombia. Additionally, 42% of Panamanians are at an achieved level of financial inclusion, four percentage points more than in 2021, while the proportion at a low level decreased from 23% to 14% in 2025. Panama scored 55.5 and ranked third regionally in the Financial Inclusion Index (IIF), which is part of Credicorp's Bank of Ideas, behind only Argentina and Chile.
49% of citizens already use these wallets to make payments and purchases, a figure much higher than the regional average (22%). In the Usage dimension, it scored 39 points, highlighting an increase in the monthly frequency of using financial products, which rose to 14 times, well above the regional average, placing the country behind Chile and Argentina. It leads in financial product knowledge, with an average of 11 recognized products, surpassing the regional average of 8.
Beyond access, usage is also expanding rapidly in Panama. Likewise, during the same period, the proportion of people in the Low level decreased by 11 percentage points, from 23% to 14%, showing a positive trend in the advancement of financial inclusion in the country.
Dimensions of financial inclusion
In the Access dimension, it reached 59 points in 2025, ranking second regionally after Argentina, with sustained growth since 2021.
"Five years ago, the Credicorp Financial Inclusion Index was born, a key tool to diagnose and monitor gaps in this area. Panama has maintained a positive trend throughout the five editions of the IIF, with a cumulative growth of nearly 3 points, rising from 52.6 in 2021 to 55.5 in 2025," said Gianfranco Ferrari, CEO of Credicorp.
"This behavior reflects a competitive and consolidating financial system in which trust and perceived quality stand out as strengths compared to the rest of the region. This study is based on the conviction that understanding the environment is essential to act upon it, and to provide valuable information for the design of public policies and to encourage companies to innovate with solutions aligned with the current needs of the population. In its fifth edition, it also allows for identifying trends and progress in the evaluated countries."
The transformation in consumption habits is also reflected in the fact that only 14% of the population receives their income in cash, marking a migration towards safer and more modern ways of managing money. This figure confirms the integration of this digital product into the daily life of the population.
