Challenges and opportunities: Strengthening finances in fishing communities

Abstract

Sustainable fisheries management and marine conservation have advanced significantly over the past two decades. However, financial access to coastal communities to carry out these initiatives remains challenging. Traditional schemes do not fully address the complex environmental, social, cultural and economic needs of communities. This work analyzes challenges and opportunities to improve financial inclusion in small-scale fisheries, proposing strategies to promote equitable access to financial services and strengthen capacities. Through a participatory workshop and a literature review, three main barriers in Mexico were identified: 1) inequitable distribution of resources, 2) concentration of support in a single program, and 3) deficiencies in financial capabilities. The need for intermediary organizations, such as fiscal sponsors, to channel funds and the limited coverage of complete processes by financing sources. These limitations, influenced by the local context, make its global generalization difficult. Financial inclusion in fishing communities in the Global South requires institutional adaptation to challenges such as labor informality, social marginalization, institutional weakness, and digital and gender gaps. Price fluctuations and the lack of tangible assets such as collateral also limit access to credit. However, there are opportunities such as digital technologies (e.g., mobile applications) that can facilitate financial services in remote areas. Additionally, financial education in business management, savings, and access to credit empowers community groups, strengthening their economic resilience. Innovative strategies like these foster sustainable local economies and a more equitable future for the fishing sector.