Nearly 30 million Mexican people—a quarter of the Mexican population—live in rural communities. On the margins, with no basic infrastructure, communities like Santiago Nuyoó are almost entirely left out of Mexico's economic growth and progress. Telecomm, the state-run telegraph agency, is leveraging its network of 1,600 of rural branches to build a new model that brings basic mobile services and bank accounts into the hands of rural inhabitants. By charging market rates for local voice and basic banking services, Telecomm believes they can offer a viable business that will spur economic development in rural communities.
A new video and blog post provide first-hand accounts of the benefits users draw from this new service. Account holders find value in different ways, but overall the service solves the recurring problems of the high cost and high effort required to participate in the formal economy through paying bills, sending money to family members or obtaining cash to run a business.
Watch the video at CGAP.org
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