Fondo Personal MiFon

Fondo Personal MiFon

  • Overview

    Vision / description

    Fondo Personal MiFon was designed specifically to promote banking among those who have limited or no access to financial services.

    Project objectives

    Fondo Personal MiFon is a Level 2 deposit account that can be opened by telephone, without visiting a bank. People only need to go to a Telecomm Telégrafos office to conclude the account opening.

    User can link his/her cell phone –of any carrier operating in Mexico and any rate plan- to a Fondo Personal MiFon account. Operation of mobile services is done via SMS.

    Users can pay for services and send money from one Fondo Personal MiFon account to another Fondo Personal MiFon account by cell phone. Also, users can make purchases in establishments affiliated with MasterCard and withdraw cash from Banorte ATMs, Banorte branches and Telecomm Telégrafos offices.
    Fondo Personal MiFon started in the community Santiago Nuyoó, Oaxaca, selected for its remoteness and non-banking presence. This is the first rural community where Banorte, along with Telecomm Telégrafos, implemented transfer transactions between Fondo Personal MiFon accounts and balance inquiries through a cellular phone network and the mobile payments system.

    Banorte became the first bank in Mexico that focuses on this type of Level 2 accounts to the unbanked market. In order to expand banking and financial inclusion, an increasing penetration in remote communities with low banking presence is sought.


    The product is open to the national market. An increasing penetration in remote communities with low banking presence is sought.

    Project URL

    Sustainable Development Goals

    9. Industry, innovation and infrastructure

    Regions / countries / territories

    Americas: Mexico

    Business sectors

    Banks; Financial Services; Insurance


    Stakeholders consulted

    Indigenous groups; Minority groups; Other

    Preferred partner organisation(s)

    Academic; Company; NGO Global; NGO Local; Small or Medium-sized Enterprise; Social Enterprise; UN Entity

    Type of support needed

    Functional expertise; Innovation partner; Volunteer

    Collective Action
    • This initiative has a potential for scalability.
    • This initiative is seeking additional partners.