The company's plan includes the possibility of finding a partner, since its initial focus does not contemplate immediately making bets to grant credits, but rather offering financial services in a complementary way to its current model.
Fomento Económico Mexicano (Femsa), the conglomerate that owns Oxxo stores and bottled Coca-Cola products, will apply for a banking license in the coming months to boost and diversify its financial services business in Mexico.
“In the context of creating an ecosystem with all the elements, from a digital perspective, we have concluded that we need to have the option to offer financial services. And for that purpose, at some point, during the next few months, we will request a banking license,” said José Antonio Fernández Carbajal, director and president of the board of directors of Femsa.
This plan includes the possibility of finding a partner, since its initial focus does not contemplate immediately making bets to grant credits, but rather offering financial services in a complementary way to its current model.
Femsa, through its Spin business unit, offers digital and financial solutions that include the Spin by Oxxo digital wallet, the Spin Premia loyalty program, and Spin Negocios, which offers various options for companies, such as NetPay and Oxxo PAY.
As of December last year, Spin by Oxxo reported a total of 13.1 million users and an average of 63.2 million monthly transactions.
“We explored the possibility of finding a partner for the credit part of that business, to ensure that we do it not only in the most responsible way possible but also quickly understanding that these financial services are a key element to monetizing a digital payment strategy,” the executive added.
In a conference call with analysts after reporting its financial results for the fourth quarter of 2024, it stressed that this plan is still in its infancy, so “they have no intention of making significant bets on credit.”
The executive stressed that people continue to go to Oxxo stores in search of financial solutions.
He also mentioned that banks that had left the system have returned to participate in correspondent banking.
“We continue to grow Oxxo Pay and the number of merchants using Oxxo Pay as an in-store online payment solution,” he added.
They are also concentrating their efforts on expanding their remittance reception services, implementing technologies in their cash registers to handle a larger volume of remittances and increase security.
This technology is expected to be implemented in more than 3,000 stores by the end of this year.
“We continue to believe that due to the convenience of the store, this should continue to grow, while we must prepare for the future. And the future of the possible digitalisation of certain payments is where innovation comes into play,” said the executive.
Regarding financial results, Femsa reported that in the fourth quarter of 2024, total consolidated revenues grew 12.8% and amounted to 208,311 million Mexican pesos, equivalent to US$ 10,182 million, while Operating Income grew 31.5% compared to 4Q23, reaching a total of 22,634 million Mexican pesos or US$ 1,106 million, approximately.
