Mexico banks to benefit from financial inclusion push

Significance

The governor cited goals for the government to pursue over the coming year including anti-corruption efforts, the encouragement of investment and the enthusiastic adoption of Cobro Digital (CoDi) -- a digital payments system he claims could “transform the financial system”. His remarks come as President Andres Manuel Lopez Obrador (AMLO) pushes for greater financial inclusion to bolster the economy.

Impacts

• The push for greater financial inclusion is likely to have a positive impact on the country’s least developed areas.
• AMLO’s willingness to work closely with bankers could strengthen otherwise weak investor confidence in his government.
• Security could become an issue for potential digital banking users -- the SPEI suffered a series of high-profile cyber-attacks last year.