Citigroup Innovation: Mexican Remittance Products
Citibank Builds Remittance Products Designed for Mexican Migrants, with Banamex (May 2004)
Financial institutions in the US have become increasingly interested in the remittance market, especially the Mexican market. Following the acquisition of Banamex by Citigroup in 2001 and a decision to enter into the Mexican remittance market in a decisive way, Citibank launched a new product with Banamex in late 2003. This paper outlines the cross-border product, which is designed to appeal to unbanked individuals in both countries. The product includes an Access Account, which is offered in the US, and a Tricolor Card for the remittance recipient in Mexico. The product is inexpensive to use, has few requirements, and offers attractive attributes. For instance, the holder of a Tricolor Card does not need to have an account with a financial institution in order to use the card. By offering this product, Citibank aims to begin establishing a long-term relationship with a new group of clients.