Citibanamex says goodbye to Oxxo: stores will no longer receive deposits for the bank


Oxxo is the main banking correspondent in the country since it concentrates 43% of the 43,397 points to make transactions.

After the growth of its digital banking and a review of its network of correspondents,  Citibanamex did not renew its alliance with Oxxo this year, so the convenience store chain will stop receiving payments and deposits from the bank as of May.

The financial institution indicated to  Forbes Mexico that, as an alternative, customers will be able to carry out their operations through Mobile Banking, BancaNet, free ATMs and branches, as well as in the following establishments:  7 Eleven, Casa Ley, Farmacias del Ahorro, Farmacias Guadalajara, Telecomm and the Chedraui and Al super supermarket chains.

“Due to a review in our network of correspondents and the solid growth of digital banking, this year the alliance with Oxxo was not renewed. Therefore,  as of May 1, 2021, it will no longer be possible to make deposits to debit accounts or payments to Citibanamex credit cards in Oxxo stores ”, he assured.

According to the National Banking and Securities Commission (CNBV),  Oxxo is the main banking correspondent in the country,  since of those with 43,397 points to make payments or transfers in operation at the end of 2019, the chain represented 43% when adding 20,962.

In the study “Annual Financial Inclusion Outlook 2020”, the CNBV indicated that the Yastás network of Compartamos Banco is in second place, with 8,289 points, equivalent to 17%, and in third place  Walmart, with 3,005 correspondents and 6% of the total market.

Farmacias Guadalajara ranked fourth, with 2,241 points or 5%, and the convenience store chain  7 Eleven ranked fifth, with 2,229 correspondents or 5%.

The Commission details that, by type of operations in banking correspondents, 82% were deposited, 11% payment of credits, 5% cash withdrawals, 1% payment of services and 1% opening of accounts.

Meanwhile, 44% of the people who made use of a correspondent in 2019 were between 18 to 29 years old, 45% between 30 and 39, 39% between 40 and 49 and 34% in an age range of 50 and 59 years and only 28% were people from 60 to 70 years old.

Recently, the convenience store chain Oxxo entered the fintech business with the launch of its app to send and receive money, called Spin.


Mexico Daily Post