Financial Inclusion Report

Biannual report that seeks to disclose the development of financial inclusion in Argentina and the measures adopted in this regard, and to discuss the progress made in financial inclusion as monitored by means of specific metrics.

Executive summary

– The number of natural persons with an account stood at 37.8 million as of December 2025—a net year-on-year increase of 600 thousand. Joint account holding (ownership of both bank and payment accounts) kept rising, reaching 74% of account holders—a 6 p.p. improvement from December 2024. The number of individuals with foreign currency accounts rose by 4.6 million, reaching 62% of account holders.

– The use of electronic means of payment continued to expand, with a larger user base: in the last quarter of 2025, around 29.5 million individuals made electronic payments, compared to 27.3 million in the same period of 2024. The growth pace was more limited due to a moderation in the increase in instant payments (transfers and payments by transfer), which was partially offset by a reduction in debit card use, without altering the positive trend of the ecosystem.

– The monthly average number of cash withdrawals per adult shrank from 2.7 in 2024 to 1.7 in 2025. The monthly average amount of cash withdrawals per adult remained largely unchanged between 2024 and 2025. In contrast to the indicators of electronic payment use, the metrics of cash withdrawals have reached their lowest level since 2016.

– The stock of savings and investment of natural persons grew 12.4% y.o.y., mainly driven by time deposits in domestic and foreign currency, though with a marked concentration in short-term horizons. In the same vein, money market funds’ user base continued to expand, but with very low average stocks. The widespread reach of electronic payments made this savings product more accessible.

– As of December 2025, 20.3 million individuals had financing. This level was close to the historic high, marking an increase of 4.4 p.p. in year-on-year terms in population coverage, which reached 54.7%. In turn, the average stock per debtor amounted to ARS4.1 million at constant prices, up 24.7% for 2025, rising to its highest level since January 2020. Long-term credit recovery strengthened further, with mortgage- and pledge-backed loans showing a net growth in terms of borrowers and stocks.

– During 2025, non-financial credit providers gained share as a source of financing for natural persons. The number of individuals with financing from both financial institutions and non-financial providers reached 6.7 million, the highest record ever, while the number of people with financing only from financial institutions fell to 7.9 million.

– In December 2025, 74.6% of MSMEs had financing, which represented a 2.9 p.p. expansion in year-on-year terms and a net increase of 102 thousand companies. At the same time, the stock of financing reached a record high at 50.7 trillion constant pesos, rising 32% y.o.y.