Mexican lender Fincomún starts using CoDi payment system

Mexico's Fincomún microlender launched on Monday its "FCil" cashless payments and collections system based on the central bank's Cobro Digital (CoDi) electronic payments system, the company said in a statement.

Clients of the lender, a Sofipo, or popular lender society according to Mexico's regulation, will be able to transfer money, collect credits and make payments via the system starting on Monday, it added.

The system, based on Quick Response (QR) codes that can be read by smartphones, is aimed at lowering costs in Mexico's financial system by reducing the use of cash, as well as to promote financial inclusion among its underbanked population.

The lender and eight other financial institutions are taking part in the central bank's pilot program. Mexico is aiming at having the system fully operational by September.

Fincomún said in the statement that it serves over 200,000 clients with lending and savings products.