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Beyond the Transaction: Every Transaction Has a Story

Underserved in Rural Mexico Gain Financial Access through Mobile Payments

Hernán Garza is the architect and leader of the “Mobile Payments Pilot Project” for rural areas in Santiago Nuyoo, State of Oaxaca in Mexico

“MiFon” is an innovative mobile payments program created to provide access to financial services for consumers in underserved communities in Mexico. This program is the result of a partnership between Banorte, the third largest bank in Mexico, Telecomm Telegrafos, a government entity responsible for providing basic telecommunications and financial services to citizens in rural and underserved communities in Mexico, and MasterCard.

Santiago Nuyoó in Oaxaca México, a small rural community with a population under 2,000, is located in the Mixteca Mountains which is about 240 kilometers away from the capital and previously did not have any type of traditional financial services available. Now, with the implementation of the MiFon services, it is a true success story for the use of Mobile Payment Services.

Through MiFon and its mobile phone’s SMS functionalities, habitants of Santiago Nuyoo can now count on a tool that enables them to make person-to-person payments, have a “debit mobile” account, and have access to a Banorte MasterCard card that enables them to make purchases in merchant locations and access their money through ATMs at the Telecomm Telegrafos and Banorte branches.

Here’s their story…