Spain's financial inclusion improves, immigrants face barriers

The Banco de España's 2025 Financial Inclusion Report highlights improved banking accessibility across Spain despite a reduction in physical access points.

Between 2021 and 2024, the number of access points decreased by 2.52 percent, primarily due to an 8.61 percent closure of bank branches.

However, territorial coverage has expanded, with the population lacking access in their municipality falling by 219,000 people, now representing less than 1 percent of the total population.

Mobile bank offices have been instrumental in this improvement, with over 1,100 "ofibuses" deployed.

These mobile units have extended coverage to 540 additional municipalities and reduced the unbanked population by 185,000. Despite their effectiveness, the report notes that alternative access methods, including mobile offices, Correos cash, and cashback services, remain largely unknown and underutilized by the public.

The report examines immigrant financial inclusion, noting that the general immigrant population largely mirrors native-born Spaniards in financial behaviors, with 93 percent banking penetration.

Differences include higher remittance use and greater reliance on informal credit.

Crucially, significant barriers persist for irregular immigrants, an estimated 614,000 to 838,000 individuals, who face substantial difficulties opening bank accounts.

Basic Payment Accounts (CPB), designed for vulnerable groups, are largely ineffective for this demographic, with fewer than one CPB for every eight irregular immigrants.

This highlights a systemic challenge in providing fundamental banking access.