Mexican bank Banorte, with total assets at USD 47.6 billion as of 2010, has partnered with Rev Worldwide, a Texas-based payment solutions company, to launch a mobile-phone-based financial services program called MiFon. The program primarily targets Mexicans who do not have access to traditional financial services. MiFon links a deposit account at Banorte to a MasterCard debit card and a mobile payment service that is compatible with multiple mobile-phone carriers. Cards issued by New York- based MasterCard are accepted by approximately 30 million merchants.
Clients do not need to visit a Banorte branch to open their account, and they will be able to withdraw money from approximately 6,200 Banorte automated teller machines. Participants will also be able to transfer money from one bank account to another via text messages, also known as short message service (SMS). The companies plan to introduce additional services such as mobile top-ups over time.
The first stage of this program will be launched jointly with Telecomm Telegrafos, a Mexican financial and telecommunications provider, in the state of Oaxaca and will expand nationally from there.
About Rev Worldwide
Rev Worldwide is a global payments solution company aiming to bring financial services to underserved populations. Based in the US state of Texas, it partners with financial and telecommunications institutions, merchants and public and private sector institutions to extend the reach of its partners and bring financial services to the poor. Financial information on Rev Worldwide is currently unavailable.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
San Antonio Business Journal: “Banorte and Rev Launch MiFon, First Out-of-the-Branch Mobile-Based Financial Services Program Aimed at Millions of Underserved Mexicans,” http://www.bizjournals.com/sanantonio/prnewswire/press_releases/Texas/2012/01/17/DA35928
MicroCapital.org Story, November 4, 2011, “MICROCAPITAL BRIEF: Microfinance Bank Compartamos of Mexico Seeking Acquisitions in Microinsurance, Mobile Banking Arenas,” https://www.microcapital.org/microcapital-brief-microfinance-bank-compartamos-of-mexico-seeking-acquisitions-in-microinsurance-mobile-banking-arenas/
MicroCapital.org Story, February 7, 2007, “US-Based Microfinance Network Women’s World Banking and Mexican Grupo Financiero Banorte Host Rural Microfinance Workshop in Mexico Feb 21-23,” https://www.microcapital.org/us-based-microfinance-network-womens-world-banking-and-mexican-grupo-financiero-banorte-host-rural-microfinance-workshop-in-mexico-feb-21-23/
MicroCapital Universe Profile: Rev Worldwide
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