The recently released Financial Inclusion Module, part of the November 2024 Permanent Multi-Purpose Household Survey (EPHPM), offers a current overview of how the Honduran populace engages with the official financial sector. This module was a joint effort by the National Institute of Statistics (INE Honduras), the National Banking and Insurance Commission (CNBS), and the Inter-American Development Bank (IDB). The survey encompassed 7,250 households, representing 26,576 individuals, and delivers highly pertinent statistics concerning access, use, and financial education. This information is particularly relevant given the ongoing political discussions surrounding credit regulation.
Credit utilization and its influencing elements
The document shows that credit use is directly correlated with income levels, increasing as one moves up the income quintiles. This pattern responds to structural factors such as payment capacity, effective demand, knowledge of financial offerings, financial education, and digital literacy.
The questionnaire contained inquiries regarding credit requests made over the past year, encompassing various origins: financial institutions, informal lenders, pawnshops, and businesses. For individuals who did not seek credit, the underlying cause was explored. The findings reveal that 91.3% of the justifications relate to a lack of necessity or perceived hazards: “I haven’t required it,” “I don’t fulfill the criteria,” and “Obtaining a loan is excessively perilous.” Conversely, the justification associated with being listed with the Credit Bureau, a point frequently raised in political discussions, constituted merely 0.7%, a statistic that underscores its minimal significance among the impediments to credit accessibility.
These findings contrast with the views of political actors, such as the ruling party candidate from LIBRE, who has argued that the Central Credit Registry limits the possibility of obtaining credit and has proposed its elimination. Statistical evidence suggests that the real limitations to financial access are more closely associated with socioeconomic, educational, and savings variables, as well as with the perception of risk derived from the economic climate.
Financial inclusion and regional comparison
In terms of participation in the financial system, the survey reflects a level of banking penetration of 42% of the population over 15 years of age with some type of deposit account or electronic wallet. This data is consistent with information from the World Bank’s Global Findex 2025, which reports 42% for Honduras in 2024, placing the country below neighboring nations such as Costa Rica (71%) and Panama (64%). In addition, there has been a decline compared to pre-pandemic indicators from 2017, highlighting the structural challenges the country faces in terms of financial inclusion.
The study emphasizes that expanding access to credit and financial services requires evidence-based solutions, such as financial education, strengthening savings, and improving the business climate. Measures that involve the elimination or manipulation of credit information could result in institutional setbacks and greater barriers for those who do not yet have access to the formal system.
Institutional challenges and economic context
The financial inclusion module pinpoints the **crucial obstacles** hindering credit growth in Honduras. Setting aside political debates surrounding the **Credit Bureau**, the availability and utilization of credit are shaped by **household financial standing**, **financial literacy**, and the perceived risk within an economic climate characterized by instability and widespread informal labor.
The evidence compiled by INE Honduras, CNBS, and the IDB provides valuable input for the formulation of public policies aimed at improving financial participation in a safe and sustainable manner, avoiding the adoption of measures that do not respond to verifiable data. The survey analysis confirms that financial inclusion is a multifactorial process, where income, education, and economic planning are more relevant determinants than credit regulation alone.
