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Technology Program Country Note: Mexico

Mexico’s financial sector is beginning a significant transformation that is setting the stage for a broader commercial offering that would reach lower income segments of the population through innovative products. Appetite to reach these segments increased in the past decade following the notable growth of Banco Azteca and Compartamos. More recently, new regulations enabling the use of nonbank correspondents (also known as banking agents) make it possible for financial institutions to increase their reach at lower costs both for banks and potential customers.