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News tagged as "financial inclusion"
February 18, 2014

Financial Inclusion for those less fortunate

Tags: mobile financial services, Mexico, financial inclusion, m-wallet | by José María Basagoiti Caicoya, Executive President of Pademobile and Founder of Agromóvil

The demographics of Mexico consist of: a variety of races, a variety of social and economic characteristics, a variety of cultural conditions due to the diversity and a great variety of traditions. These factors, added to the diversity of the climate and geographical conditions, can explain the complexity of the Mexican market for any kind of product and service.

One of the significances of this complexity, is the population’s limited access to the financial system: approximately 30% of the adult population in Mexico has access to a financial account, which confirms BANAMEX’s estimations that 77% of the population uses cash as a method of payment. This situation is no longer efficient or safe; therefore the banks’ biggest challenge is to offer quality and accessible financial services to the population.

There are approximately 110 million people living in Mexico, 65% of the population are 18 years and older, and surprisingly there are more than 100 million mobile phones in the country, given that a mobile phone is not intimidating or scary for anyone, regardless of his or her demographic, social or economic characteristics.

With this background, PADEMOBILE is born with the goal of creating mobile wallets thru a system that will allow every citizen turn their mobile phone into a digital wallet, evolving in time and with the confidence of bringing financial services closer to the population, through a mobile payment network connecting the users with payments, and with the goal of “financially” including more and more citizens. Truth be told, this financial inclusion is only the means to an “Integral Inclusion” of the Mexican population (Cultural Inclusion, Social Inclusion, Economic Inclusion).

Therefore, Pademobile is a mobile financial platform that turns a mobile phone into a digital wallet, multi bank, multi operator, multi service, and multi wallet. Our platform allows physical and online payments, remittances, cash withdrawals, SMS balance consultation, as well as withdrawing money from ATMs using only a mobile phone – in addition, our users can use Bitcoins as a source of funds. It is, also, a great way of cash management and funds dispersion, given the security we provide to our users. Pademobile offers services such as: local and international money remittances, balance top up in our network (7-Eleven, Extra, Paynet and more), cash withdrawal, product and services purchase, mobile payroll, mobile top up, among others.

Our differential values in the industry are: the integration of the banked and unbanked population, the fact that we are multi operator and multi service, plus we can operate with any cell phone model.

We have targeted our strategies taking into account the different spectrum of customers and their characteristics. Therefore, by the understanding of the demographics in the agricultural and rural communities of Mexico, we have created a division that addresses specific communities of 2,500 people and less, reaching a total of 20 million people. This division, a Pademobile spinoff, is branded AGROMOVIL, dedicated to develop the agricultural and rural segments of the Mexican population, which require financial support and bringing benefits to the small producers as well as the bigger companies, by lowering their risks in the payroll.

 

 

Laborer consulting his account balance with a text message, Valle de la Trinidad, México.*Source: Pademobile Mexico

Our main goal is to engage the Mexican market with a democratic* concept, by motivating and guiding the population towards an “INTEGRAL INCLUSION” with a specific mission: “To offer alternative payment and collection services of great quality and accessibility, through an excellent technical support and advanced security, with the main objective of reducing the use of cash and facilitate money transfers. Promoting growth and a healthy working environment.”

And a long-term vision: To become the industry leader in the agricultural/rural market by adding value to our products, and generating jobs that enhance the community development. Without forgetting our values:With Honesty, Integrity, Social Responsibility, Solidarity and Subsidiarity, our values are: 

  - Offer a safe platform to operate to the unbanked population.

  - Create strategic alliances to the accurate operation of the product.

  - Constant research and development.

  - Create platforms and models to match in several communities.  Some other segments are: informal trade, small businesses, the construction industry – laborers, independent occupations (carpenter, plumber, electrician, etc.), drivers, popular restaurants, and remittances. 

 

*Democratization is a process of development of the liberal social institutions that lead to the strengthening of the civil society, guarding the basic human rights and diminishing the socio-economic differences.

 

 

 
Initiative financed by: Initiative financed by AECID
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