UERÉTARO, Mexico — World Council of Credit Unions' for-profit subsidiary, ENTURA Mexico, has launched several technological solutions to help Mexican credit unions, known as cajas, provide more expansive and affordable services to members in underserved rural areas.
Hosted by ENTURA Mexico and Caja Inmaculada, the event was attended by Mexican government officials, credit union and labor union executives, microfinance institutions and World Council staff who came to learn about and support technological solutions to expand financial inclusion beyond branches in Mexico, according to WOCCU.
"ENTURA Mexico's mission is to help cajas economically keep up with digital and mobile services to be competitive and to grow," said Brian Branch, World Council president and CEO. "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."
The product launch featured ENTURA's Point-of-Sale (POS) network and first-ever Android mobile banking app, called Entu Móvil. The POS network allows members of ENTURA-affiliated financial institutions to use credit and debit cards to pay for goods or services at merchants with POS devices. It also allows them to conduct core banking activities directly through merchants, including deposits, withdrawals, loan repayment and more. The Android app, now available on Google Play, enables members to bank from personal "smart" mobile devices.
Other products introduced included an ATM network and SMS-based mobile banking solution. Both mobile banking solutions will offer members 24/7 access to their accounts and services such as balance inquiries, funds transfers, airtime purchases and more. Caja Inmaculada, a leading credit union in Mexico, now offers all four ENTURA products to its members.
"World Council set a challenge to reach 50-million new members by 2020,” said 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."
ENTURA is an innovative financial services company that provides technical, operational and regulatory expertise to financial institutions throughout the world, according to WOCCU. It assists financial institutions in expanding and implementing new technologies, products and services to more efficiently and effectively reach more people. To find out more, please visit www.ENTURA.net.