Mexico
News

Mexican lender Fincomún starts using CoDi payment system

Bnamericas Published: Tuesday, April 30, 2019

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.

To continue reading, subscribe to BNamericas to get all the information in this article and access to related news items and reports.

Subscribe to BNamericas and gain access to thousands of project profiles, key contacts and news.

Other projects in: ICT

Get critical information about thousands of ICT projects in Latin America: what stages they're in, capex, related companies, contacts and more.

Other companies in: ICT (Mexico)

Get critical information about thousands of ICT companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Grupo Televisa, S.A.B.  (Televisa)
  • Grupo Televisa is a Mexican media company and a participant in the international entertainment business. It distributes its programming throughout Latin America, Europe, Asia an...
  • Company: TV Azteca S.A.B. de C.V.  (TV Azteca)
  • Mexican broadcast giant TV Azteca S.A. de C.V., owned by Grupo Salinas, generates over 10,000 hours of content per year operating two national networks, Azteca 13 and Azteca 7 t...
  • Company: Select
  • Founded in 1989, Select is a Mexican consulting firm specialized in helping ICT suppliers, users, and promoters. The firm leverages its knowledge on the impact of ICT on organiz...
  • Company: Climatik
  • Climatik is a Mexican company offering consulting services and advanced technology to measure climate parameters to clients of the renewable energy sector. Through its divisions...