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.
What barriers might hinder the success of your project? How do you plan to overcome them?
1. Reach a critical mass of sales points,
Through stores and government partners.
2. Changes in banking regulations.
Continuing the dialogue with authorities, CNBV and Banco de Mexico.
3. Education and spread’s cost
Alliances with banks, Mastercard, CGAO and other institutions.
4. Monopolist activities of mobile phones’ providers.
Operate under an open system, available for everyone.
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.
Now think bigger! Identify your 12-month impact milestone