Fintechs Push Mexico Interest Rates to 15% in Battle for Savers.

Fintech companies and digital banks are competing for customers in Mexico by offering high-yield savings accounts with interest rates of up to 15%. This battle for customer acquisition is driven by the fact that less than 50% of the population in Mexico has a bank account. The rates offered by these companies are competitive, especially considering that the central bank's key rate is 11.25% and inflation is at a 32-month low. Traditional banks are unable to match these rates due to their extensive infrastructure costs, but they have the advantage of offering a wider range of financial products. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)