Mexican banks will eliminate commissions on digital accounts, the president of the Mexican Banking Association (ABM) said yesterday.

Luis Niño de Rivera made the announcement during a closing address at a bankers’ convention in Acapulco, Guerrero, stating that the banking sector respects ruling party Senator Ricardo Monreal’s legislative proposal which seeks to regulate and reduce bank commissions.

“Within this context, we emphasize the importance of our commitment to self-regulation . . . which is evident in the decision to reduce commissions on digital accounts to zero. I repeat, zero commissions for digital accounts,” Niño de Rivera said.

The new ABM president, who is also the CEO and chairman of Banco Azteca, also said that achieving “inclusive prosperity” and financial inclusion were among the challenges faced by banks.

Niño de Rivera pointed out that 41.7 million people in Mexico don’t have bank accounts and 54.5 million don’t have access to credit.

The banking sector is committed to offering financial services in 500 municipalities across the country that don’t have banks, he added.

In an earlier address at the convention, President López Obrador called on bankers to reduce the commissions they charge their customers including those on remittances sent to Mexico from abroad.

“. . . There are a lot of banks, there is competition and bankers will have to offer better conditions to customers and that will allow the . . . commissions to come down,” he said.

He reiterated a commitment made in November that his government would not bring in legislation that would regulate commissions.

The president added that he hopes to return to the same convention next year to give a prize to the bank with the lowest commissions.

Source: El Financiero (sp), Milenio (sp)