Mexico | Will Financiera para el Bienestar pay the remittances from Banco del Bienestar?

Banco del Bienestar stops paying remittances in 1,379 municipalities: in 928 (67%), Financiera para el Bienestar has a branch; in 325 (24%) there is a bank branch, correspondent or store to collect them; and in 126 (9%) there is no other payment point, the recipients would have to move to another municipality.

Key points

• Key points:
• Remittances to Mexico have accumulated a 35-month consecutive upward streak, which began last April 2020. In March of this year, 5,194 million dollars (+10.7%) arrived.
• Chiapas is positioned as the fourth federal entity that receives the most remittances in Mexico with 957 million dollars in the 1st. quarter of 2023, and an increase of 58.6%. The flow of remittances for transit migration, mainly from Central America, partly explains this increase.
• Banco del Bienestar stops providing the remittance payment service in 1,379 municipalities. We estimate that in 928 of these municipalities (67%) Financiera para el Bienestar has a branch, so it could serve people who received remittances.
• In another 325 municipalities (24%), Financiera para el Bienestar does not have a presence, remittance recipients could transit to a bank branch, correspondent or commercial store; and in 126 municipalities (9%) it is estimated that there is no other payment point, so the recipients of remittances would have to incur additional transportation expenses to another municipality.
• In 2022, Financiera para el Bienestar paid 2.3 billion dollars in remittances (3.9% market share) while Banco del Bienestar delivered 1.4 billion dollars (2.4% market share). In other words, Financiera para el Bienestar already paid more remittances than Banco del Bienestar.

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