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Financial Inclusion on the Rise in Spain Despite Branch Network Adjustments

Madrid, Spain - March 2023

The Spanish Banking Association (AEB), CECA, and the National Union of Credit Cooperatives (UNACC) have unveiled a comprehensive report on financial inclusion in Spain. The study highlights the country’s progress in ensuring access to banking services for its citizens.

Progress in Financial Inclusion

According to the report by the Valencian Institute of Economic Research (IVIE), 98.6% of the population resides in an area with at least one point of access to banking services, including towns with fewer than 1,000 inhabitants. While the report notes that depopulation has led to a reduction in bank branch numbers, particularly in larger towns, it emphasizes that this has not resulted in financial exclusion.

Key Findings

  • Most of the reduction in branches (81.8%) has occurred in towns with more than 10,000 inhabitants.
  • Only 3% of the reduction is concentrated in smaller towns.
  • Financial exclusion is not a significant issue due to alternative access points such as ATMs, financial agents, and mobile offices.

Commitment to Financial Inclusion

Cristina Freijanes, General Secretary of UNACC, emphasized the commitment of the banking sector to promoting financial inclusion. The associations will continue to assess further measures to reinforce financial inclusion and ensure that banking services remain accessible to all.

  • 99.1% of the population has an access point to banking services within a 5-kilometer radius.
  • 99.5% have access within 10 minutes.

Banking Sector’s Response

The report highlights the sector’s ability to provide adequate responses to the challenges faced by rural areas. María Abascal, Managing Director of AEB, stressed that the banking sector’s commitment to financial inclusion remains strong with ongoing measures in place to prevent financial exclusion and ensure access to basic services for all citizens.

Conclusion

The study demonstrates the progress made in financial inclusion in Spain despite branch network adjustments. The associations will continue to work together to reinforce financial inclusion and ensure that banking services remain accessible to all citizens.