Banorte: Committed to Bring Banking to More Mexicans through Fondo Personal MiFon

November 23, 2012 /3BL Media/ - With the strong belief of promoting banking among those who today have limited or no access to financial services, Banorte launched Fondo Personal MiFon, a simplified account where the user links his or her cell phone –of any company and rate plan- to a bank account. The operation of Fondo Personal MiFon’s mobile services is done via text messages on the widely-used SMS platform.

Fondo Personal MiFon is a simplified account that can be opened with a phone call, without having to visit a bank branch. Users can make purchases, withdraw cash at any Banorte ATM and send money from one account to another through their cell phone, in addition to acquiring goods and services in those shops where MasterCard cards are accepted or the Fondo Personal MiFon logo is displayed.

The effectiveness of this product was demonstrated by its launch in Jalisco and Guanajuato, and a pilot program carried out in the community of Santiago Nuyoo, Oaxaca, selected for its remoteness and low banking presence.

It is important to note that CGAP, a World Bank agency dedicated to research and development of financial inclusion opportunities for lower income sectors, was highly involved in the development of this product through a significant contribution of resources and counseling in order to provide to Fondo Personal MiFon a social focus so necessary in Mexico.

In connection with Fondo Personal MiFon’s launch, Guillermo Ortiz, Chairman of Grupo Financiero Banorte, said: "We are determined to take significant steps to achieve the levels of banking and financial inclusion that our country requires."

Regarding Fondo Personal MiFon, Alejandro Valenzuela, Grupo Financiero Banorte’s CEO, said that "more than a payment method is a tool that facilitates banking access; is a highly significant product for us and for the different institutions involved in this effort, who have made a priority that the most disadvantaged sectors of the society have access to financial products."

With this new technology, the Strong Bank of Mexico reaffirms its commitment to remain at the forefront of financial inclusion bringing banking services to more Mexicans, with particular emphasis on those that currently have limited or no access to them in the country. To Make Mexico Stronger.

About Fondo Personal MiFon

Fondo Personal MiFon can be activated with phones of the principal cell phone companies. Costs and corresponding commissions of the phone companies apply for each of the transactions made. Fondo Personal MiFon requires of an unique payment of $25 plus VAT for the cost of the Card. Consult terms, commissions, costs, conditions and requirements in www.banorte.com. For more information go to http://mifon.mx/