Mexico's CNBV expands financial access and authorizes fintech Conekta

Mexico’s National Banking and Securities Commission (CNBV) has introduced new measures to expand financial inclusion and modernize the payment landscape. The regulator designed a simplified bank account specifically for small businesses, such as grocery stores and cafes, which does not require a Federal Taxpayer Registry (RFC) to open. This initiative aims to lower entry barriers for informal or semi-formal businesses that often avoid the banking system due to fears of tax surveillance. These accounts allow operations up to 3,000 UDIS, with additional digital transaction capabilities, and can be opened remotely using only official identification and proof of address.

In a related regulatory development, the CNBV has authorized the fintech company Conekta to operate as a direct non-bank acquirer. This authorization allows Conekta to connect directly to card payment networks, such as Visa and Mastercard, rather than relying on traditional acquiring banks. This shift from an aggregator model to an acquirer model provides the company with greater control over transaction processing and the ability to develop infrastructure-based products through direct relationships with card issuers.