Banco del Bienestar exits the remittance business

Goodbye to remittances at the Banco del Bienestar

“The decision not to participate in the remittance market allows Banco del Bienestar to focus its efforts on the two main objectives outlined by the Government of Mexico, which are the expansion plan to establish the largest branch network in the country and provide banking services to beneficiaries of social programs,” the bank said in a statement.

Despite the fact that the bank took more than 20 days to inform Mexicans of its decision to stop receiving remittances, it said that this was not sudden and that it contacted the remittance companies to announce its exit from the market.

The exit from this business also occurs in a context in which the remittances that arrived in Mexico registered record amounts of 58.510 million dollars in 2022.

“The objective was to have a gradual and orderly exit that would not affect the beneficiaries or clients of remittances,” added the Bank.

Financiera del Bienestar also offers investment services with Cetes Directo and provides collection services for credits granted by the federal government.