New products launched for credit unions in Mexico

Credit unions across Mexico will be using technological solutions to provide better services to their members, with the launch of four new products for the sector. Entura Mexico, a subsidiary of...

Credit unions across Mexico will be using technological solutions to provide better services to their members, with the launch of four new products for the sector.

Entura Mexico, a subsidiary of the World Council of Credit Unions, showcased the products at an event hosted jointly with Caja Inmaculada. Credit union officials were joined by government representatives, trade union executives and microfinance institutions.

“Entura Mexico’s mission is to help cajas [credit unions] economically keep up with digital and mobile services, to be competitive and to grow,” said Brian Branch, World Council president and chief executive. “There was a time when payments, commerce and finance were different sectors. Today they overlap with one another because consumers can do all three easily with their online or mobile devices.”

A leading credit union in Mexico, Caja Inmaculada will be offering Entura products to its members. One of the products launched was Entura’s Point-of-Sale (POS) network, which allows members of Entura-affiliated institutions to use credit and debit cards to pay for goods and services in shops with POS devices. They will also be able to conduct core banking activities such as deposits, withdrawals or loan repayment, directly through merchants. Also launched at the event was a mobile banking app called Entu Móvil, which enables members to bank from their smart phones.

In conjunction with this, Entura has launched an ATM network and SMS-based mobile banking, both offering members 24/7 access to their accounts and services including balance inquiries, funds transfers and airtime purchase.

“World Council set a challenge to reach 50 million new members by 2020,” added Mr Branch. “To be successful, we need to satisfy consumers’ expectations of convenience and ease of access. They want what they want, when they want it, and where they want it.”

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