Six years on from its launch, Banco Santander Mexico's financial inclusion initiative, Tuiio, has hit the one million loans granted mark, with over MXN 8.370 billion having been paid to 433,000 customers, for whom it not only represents economic support, but it also has a significant impact on their wellbeing.
Mexico City, 6 July 2023.
Tuiio has brought financial services to people who don't traditionally have access to them. In particular, it helps empower thousands of women by means of productive loans to help them grow their businesses.
When granting the millionth loan to the customer Olga Santiago Pascual, who runs a therapy and chiropractic initiative, Felipe García Ascencio, chief executive officer of Banco Santander Mexico, said that, with Tuiio, "We are financially empowering people and helping improve the formality, productivity, growth and wellbeing of the country. When our customers win, when society wins, we win too."
He said that, as well as reaching its first million loans, Tuiio has gained over 433,000 customers with digital savings accounts, loans, education services and insurance, thereby generating a positive social impact by promoting financial inclusion.
In turn, Norma Castro Reyes, executive director of Financial Inclusion, said, "Through Tuiio, Santander is changing the way that inclusive finance is done in Mexico; we're not only looking to offer loans, we want to be profitable, with a purpose and with meaning. The million loans that we have granted represent a million occasions that we have told women who are part of the informal economy, "I believe in you"; a million occasions that we have told microentrepreneurs, "I'll help you with your business"; a million occasions that we have backed a better future. Our goal is to bring financial inclusion to a million people in 2025, and we want more."
Sharing her experience, Olga Santiago Pascual, who received Tuiio's millionth loan, said that when she was going through a lot in her personal life, including losing her husband, and when she couldn't get credit from anyone, Santander and Tuiio changed her life by helping her with advice and financing to start a business, which has led to her now being financially independent and living a good life with her son.
Didier Mena Campos, vice president of Administration and Finance at Santander and head of the Tuiio board, stressed the importance of banking with purpose and leading the way in showing how important it is for economic activities to have a social impact.
Tuiio currently has 81 branches in 17 Mexican states, where more than 342,000 savings accounts have been opened with a linked debit card, with no fees and no minimum balance. Over a million insurance policies have also been issued and medical assistance has been provided in 667,000 cases, which reflects the improvement in families' wellbeing.
Since 2017, Tuiio has provided comprehensive financial inclusion with a variety of products and services, including digital savings accounts, loans, financial education and insurance, thereby helping improve its customers' quality of life, 50% of whom hadn't had a bank account before, 67% of whom had never had a mobile banking app, and 57% of whom had never used an ATM. This reflects the progress that is being driven by providing access to financial services designed to meet the needs of those people not catered for by traditional banking.
Moreover, 92% of Tuiio customers are women, 59% of whom have seen their role in decision-making increase in terms of how household resources are used, while 51% of them now have an improved outlook for the future; 71% of our customers have invested in a major asset for their business; 48% have made a significant improvement to their home; 34% have improved their quantity and quality of food; and 21% of our customers, whose average age is 40, have visited a gynaecologist for the first time.
Financial inclusion remains an area for improvement in Mexico, where only 49% of the population has a formal savings account and under 33% of people have some form of credit. That is why Banco Santander is reaffirming its commitment to promote financial inclusion through Tuiio, believing that all segments of the population should have the opportunity to make use of simple and accessible financial services.