How Mexico's Banks Thrive Domestically While Aiding Migrants Abroad
Mexican banks post record profits from consumer loans, up 9.2% YoY. Concurrently, Finabien launches 100K debit cards in the U.S. for migrants, offering lower remittance fees & avoiding a 2026 tax, plus safety from U.S. deportation policies.
Mexico's financial landscape is currently presenting a curious dichotomy, where the nation's largest banks are reaping unprecedented profits even as the government rolls out new initiatives to make cross-border transactions more accessible for its citizens abroad. This juxtaposition reveals a deeper narrative of economic forces at play, with consumer credit fueling domestic financial powerhouses and innovative financial tools seeking to streamline the lifeline of remittances from north of the border.
In a recent revelation from Mexico's National Banking and Securities Commission (CNBV), a staggering surge in consumer credit has propelled Mexican banks to record-breaking profits. From January to May of this year, these institutions collectively amassed an astonishing 126 billion pesos (approximately $7 billion USD, based on current exchange rates). The driving force behind this financial bonanza?
