Microeconomic Determinants of Financial Inclusion in Peru
DOI:
https://doi.org/10.26867/se.2026.15.2.339Keywords:
Financial inclusion, Logit model, average marginal effects, digital connectivity, Perú, ENAHOAbstract
Financial inclusion is a central component of economic development, particularly in economies characterized by high levels of informality and inequality. This study identifies and quantifies the microeconomic determinants of financial inclusion in Peru, defined as holding at least one account in the formal financial system, corresponding to the access dimension proposed by Demirgüç-Kunt et al. (2022). Using ENAHO 2024 microdata, a Logit model with average marginal effects is estimated. The results show that the educational attainment of the household head is the strongest predictor of financial inclusion, followed by effective internet use and labor status. Rural residence and membership in a linguistic minority significantly reduce the probability of financial inclusion, highlighting persistent territorial and cultural gaps. After controlling for observable characteristics, women exhibit a slightly higher probability of being financially included than men. The departmental analysis reveals substantial territorial heterogeneity, with predicted probabilities ranging from 35.2% in Madre de Dios to 67.0% in Amazonas. These findings are consistent with empirical evidence for developing economies and suggest that effective digital connectivity, rather than mere device availability, is a key channel for formal financial integration. The results are robust to a Probit specification. The study concludes that progress in financial inclusion requires integrated policies combining educational capital, high-quality digital connectivity, and the reduction of territorial and cultural barriers.
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Copyright (c) 2026 Diego Alonso Martinez Maldonado, Maria Ocrospoma Ancalli, Luis Mendiola Contreras
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