Cofece investigates illegal exclusivity in cash deposits and withdrawals

The agency added that if anti-competitive conduct is proven, the companies responsible could be fined up to 8% of their annual revenue.

In addition, the directors involved could be banned for up to five years and fined.

Cofece highlighted that cash remains the most commonly used means of payment by Mexicans and is expected to remain so until 2027.

“According to a survey by the Bank of Mexico, 19% of Mexicans only have access to cash as a form of payment. For this reason, it is important that Mexicans without access to traditional financial services have several options that allow them to make payments, deposits and withdrawals in commercial establishments,” the document states.

Competition in these services fosters financial inclusion and benefits people, as financial institutions offer better products and services with greater transparency and at lower costs, he added.