The company Oxxo has decided to take an important step due to its success as a center for basic banking operations and is in the process of becoming a bank. For more than a decade, Oxxo stores have consolidated themselves as convenience stores and payment centers for services such as electricity, telephony, gas, among others.
With the expansion of its financial services through its branch Spin by Oxxo, Grupo Femsa, led by José Antonio Fernández Carbajal, is considering applying for a banking license. According to experts in the field, the application for this license was already anticipated since the Banking Convention in Acapulco, where executives from digital banks, banking institutions, and regulators gathered.
Currently, Oxxo is seeking a partner for the credit aspect of its banking business, aiming to ensure that operations are carried out effectively. With Spin, Oxxo has 13.1 million users, representing a growth of 32.8% and a significant increase in transactions.
Despite the progress, there are significant challenges ahead. Oxxo employees are trained to perform transfers, deposits, and withdrawals, which is an advantage. However, operating a bank involves a different framework and, despite having the necessary resources and monetary capacity, significant errors often occur in this sector.
Oxxo has become the main banking correspondent in Mexico, leaving behind its image of a "corner store". In contrast, previous examples like Walmart's failed attempt with its own bank demonstrate the importance of carefully addressing the transition to a financial institution.
