Mexiko

Promoting digital financial services to strengthen regional financial institutions and financial inclusion

Country
Mexico

Local project partner
Caja Bienestar, (Strategic Partnership: Federación de Cajas Populares Alianza)

German project partner
--

Donor
BMZ

Duration
01.11.2019 - 31.10.2024


Digital financial technologies are an important driver for the financial inclusion of disadvantaged populations. The digitization of financial services promises to improve access to financial products and reduce costs for financial intermediaries. However, the digital transformation is very slow in the microfinance sector. At the same time, digitization has become increasingly important for the competitiveness of microfinance institutions (MFIs) to remain relevant in fast-growing markets with new participants.

Most private banks in Mexico have recognized the value and necessity of digitizing their business models. Therefore, they have already digitized their existing operations, processes, and services, which has enabled them to focus on innovation and new products, leading to the emergence of an increasing digital divide is increasingly emerging between private banks and MFIs.

The overall objective of the project is to improve the financial inclusion of disadvantaged populations in Mexico.

The specific objective of the project is to support regional financial institutions (MFIs, savings banks and cooperative banks) on their way to a digitalization strategy to provide access to financial services through adapted digital technologies for their clients and people who have not had access to financial services so far, in order to increase their economic options.

Digitalization brings new opportunities and potential for financial inclusion. To harness the potential of digital technologies for MFIs, both the adaptation of internal strategies, structures, processes and competencies as well as the strengthening of a culture of innovation are crucial. This is the aim of the project.

Project Tasks

  • Development and implementation of individual digital transformation strategies for selected MFIs
  • Design and development of training measures on the topic of digital transformation for employees in MFIs. 
  • Strengthening the culture of innovation, establishing an innovation lab 

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