Rev Worldwide Mi Fon
Rêv is a company of global payment solutions with a innovative and easy way to use prepaid and mobile phone payment’s systems
About You
About You
First Name
Mauricio
Last Name
Benavides
Twitter URL
Facebook URL
About Your Organization
Organization Name
Rev Mexico
Organization Website
Organization Country
Mexico, DIF, Ciudad de Mexico
Country where this project is creating social impact
Mexico, OAX, Santiago Nuyoo
Is your organization a
For‐profit
How long has your organization been operating?
More than 5 years
Has the organization received awards or honors? Please tell us about them
- Clinton Global Initiative Partner
- Most innovative company in finance, Fast Company March 2011.
- Creator and lead partner, The Empowement Lab at Harvard University.
-Best in Class Prodcuts 2011, Paybefore.
- America's most promising social entreprenuer, Businesweek 2010.
- Co-chair, World Economic Forum Global Agenda Council on Financial Empowerment, World Economic Forum
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Innovation
Select the stage that best applies to your solution
Scaling (the next step will be growing impact on a regional or even global scale)
How long have you been in operation?
Operating for less than a year
The Need: What problem are you trying to solve?
The main goal of MIFON is to end the lack of access to financial services for people living in rural areas in Mexico suffer. The pilot program is operating in Santiago Nuyooo, Oxaca and surroundings. This project has potential to operate in 30,000 similar communities only in Mexico and later be replicated at a global level.
The Solution: What is your solution? Be specific!
Achieve financial inclusion to Santiago Nuyoo’s inhabitants and surroundings communities, through access to basic financial services. With a deposit account connected to a mobile phone, they can make transactions without using cash or travelling to other communities. The available operations include: money transfer, balance inquiry and services payment through a simple mobile phone text message.
Different from other applications, our project is based on a global access approach, a bank account for the whole population.
This solution has different components: Telecom with Huawei made the infrastructure investment. Banorte cooperates with the banking and financial system. REV was responsible to join these social actors and to provide the technology and knowledge needed to achieve the result.
The Model: Walk us through a specific example of how your solution makes a difference; include your primary activities
Before Mi Fon, people living in Santiago Nuyoo that needed to travel to Tlaxiaco, the closest community, have to wait long hours to get a shared taxi. Since Mi Fon, they can pay this service in advance through a mobile phone and make a reservation for the transport.
The Marketplace: Who are your peers and competitors? Identify others also working to address the needs you are and what differentiates you from them. What challenges could these players pose to your success or growth?
The primary competitor is the frequent use of cash nowadays. Different to other market’s actors, Mi Fon is a simple proposal that doesn’t need a Smartphone to install a data application. Mi Fon understands the needs and specific characteristics of Mexican population, looking for an appropriate solution.
The main challenge for Mi Fon is attracting beneficiaries, because it needs a paradigm change regarding money use and its related benefits.
This Entry is about (Issues)
Social Impact
Founding Story: We want to hear about your "Aha!" moment. Share the story of where and when the founder(s) saw this solution's potential to change the world.
There are currently many programs around the world, offering services based on mobile phones, looking to promote financial inclusion. Our experience tells us that these programs have to reach a critical mass and eventually open a bank account to succeed. Our innovation is to develop and manage alliances to reduce the spread, education and customer services’ costs. This way is the only one that allows to launch a product with costs affordable to excluded populations.
Please describe the goal of your initiative; outline what you are trying to achieve
Mi Fon’s primary goal is to achieve financial inclusion to the non-banking sector, through a tool that allows them to operate from a mobile phone.
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)
Physical and other accessibility obstacles that prevent communities from reaching financial services, The lack of affordable financial products tailored to the needs of underserved and excluded communities,, Powerful incentives for financial service providers to move up-market.
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
Santiago Nuyoo, Oxaba on a first stage and similar communities of others states on consecutive stages. This project has the potential to operate everywhere in Mexico, impacting 30,000 communities.
Could your solution work in other geographies or regions? If so, where?
Yes, Mi Fon is designed to operate across Mexico and the rest of the world. Today it is on its development stage for national application.
If your solution is dramatically successful, how will things be different in 10 years?
Achieve access to financial and micro-financial services for excluded population. Become the change agent (M-PESA Latinoamerica) of financial inclusion, in Mexico and the rest of the world.
To a national level, we impact 30 millions Mexican people giving them access to financial services for the first time. In Latin America, we impact 100 millions more.
With alliances, Rev Worldwide has already impacted 12 more countries, such as Kosovo, Rumania, Vietnam and India.
What will have had to have changed to make this happen?
Beneficiaries should change their current paradigm in terms of money use and its related benefits.
Hence, we need:
1) Expand distribution points.
2) Continue working with allies, including retailers, municipal and federal governmental institutions, which will allow us to operate better with payment systems.
What has been the impact of your solution to date?
100% of adult population of Santiago NUyoo has Mi Fon’s financial services.
40% reduction of cash in the community.
Those numbers were reached in less than 180 days, after launching the program to the market.
We promoted new markets development and changed some business. One example: a roast chicken business seller has to travel several to different cities to receive his client payments. Now, he receives orders and payments via mobile phone and has more time to deliver his products in a more efficient way. He changed his business’ name to “Pollo-Movil”. Mi Fon not only gave him technologic access and banking services, but also allowed him to grow as a entrepreneur and become a change agent.
What is your projected impact over the next five years?
Replicate successfully Mi Fon’s program in at least 30,000 Mexican rural communities and then in five more countries in Latin America and Asia.
Continue working with partners such as Banorte, Telecom, Huawei and Mastercard, among others.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
In every community where it operates, have 60% of adult population using Mi Fon services.
Identify three major tasks you will have to complete to reach your six-month milestone
Task 1
Difusión y capacitación
Task 2
Implementación de mejoras y actualizaciones a la solución a través de incorporar nuevos servicios
Task 3
Crecer red de recarga
Now think bigger! Identify your 12-month impact milestone
Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1
Difusión y capacitación en medios masivos.
Task 2
Expansión de las zonas de implementación de la solución a nivel nacional.
Task 3
Incorporación de elementos complementarios tales como aceptación de pagos electronicos en comercios de las comunidades.
Sustainability
Tell us about your partnerships
Mi Fon’s Project has very important partners to it development such as: Telecom, responsible for Santiago Nuyoo’s communications through its allied Huawei, which provides the satellite required, the data base of the beneficiaries, the product’s distribution and encourages the use of Mi Fon. Other important partners are Banorte with it managing support and finally Mastercard, promoting financial inclusion of developing countries.
Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?
In short-term, we plan to replicate it in three communities close to Santiago Nuyoo, using the same system of the firs stage.
What type of operating environment and internal organizational factors make your innovation successful?
Rêv has a platform with capacity to operate financial programs and services, in both integral and modular way. This provides high flexibility and added value for its partners and its users. The Rêv’s platform also accelerates the application of programs and projects into the market, reducing development’s costs.
The Rêv’s technological platform has the advantage of being designed to fulfill all the operative and regulatory requests of Mexican financial system.
Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list
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