Banco del Bienestar

Banco del Bienestar, S.N.C.

Company type	Public bank
Industry	Banking Financial services
Founded	1946;79 years ago (1946) in Mexico City, Mexico
Headquarters	Mexico City , Mexico
Area served	Mexico
Key people	Víctor Manuel Lamoyi Bocanegra CEO
Total assets	US$3,701 million (2020)
Owner	Government of Mexico
Website	www.gob.mx/bancodelbienestar

Banco del Bienestar (English: Bank of Well-being) is a state-owned, state-run banking institution owned by the Government of Mexico. ^[1] It provides financial resources for social programs for the federal government. ^{[2] [3]} In 2018, it replaced Banco del Ahorro Nacional y Servicios Financieros (English: National Savings and Financial Services Bank, Bansefi) and prior to this, Patronato del Ahorro Nacional (English: National Savings Trust, Pahnal). ^{[4] [5]}

History

Patronato del Ahorro Nacional

During the six-year term of President Miguel Alemán Valdés (1946–1952), the creation of small and medium-sized companies were encouraged in order to help the economy with the opening of funding from private investment. However, this was not enough to avoid an economic crisis and later the Mexican peso went down from 4.85 to the dollar to 8.65. President Alemán thought of savings as a way to strengthen and develop the country and developed the idea that the population should save and in turn use these resources to support and fund production in the country and thus reinvigorating the economy.

To achieve this, he created the Patronato del Ahorro Nacional (Pahnal), ^[6] which began operating in January 1950. Its main investment instrument was bonds that were payable on demand called Bonos del Ahorro Nacional (National Savings Bond), which guaranteed to double in value after 10 years. On the first day alone, bonds for 5 million pesos were placed. With the newfound money, a factory that made lubricating oils for engines was built and houses were constructed for workers in Monterrey. Later, the Bonos del Ahorro Nacional became popular among the country as they were used to pay for all the prizes won in contests, promotions, and raffles. In 1951, the Bono del Ahorro Escolar (School Savings Bond) was created to promote the purchase of 20-cent stamps that would be pasted in a booklet for elementary school students. By collecting 10 pesos of stamps, children could exchange their booklet for a Bono del Ahorro Nacional. ^[7]

In fact, in the decade of the 60s and 70s they were already consolidated as savings instruments that could mean a form of access to banking services that up to that moment were only accessible to the upper middle to high strata of the population, and as mentioned before many contests in public and private media had them as a prize, those who acquired them in some cases have mentioned that they did earn returns with them, however it is also mentioned that people lost money, in short this instrument also had ups and downs in its history, however during the 2 coming economic crises the instrument had mixed opinions.

Banco del Ahorro Nacional y Servicios Financieros

Bansefi was created on June 2, 2001, with the passing of the Organic Law of the Banco del Ahorro Nacional y Servicios Financieros ^[8] and began operations on January 2, 2002. ^{[9] [10] [11]} Bansefi's purpose was to promote savings and financial inclusion, to channel the federal government's support needed to strengthen and develop the popular savings and credit sector, and to become the “caja de cajas” (savings of savings). The bank's mandate was to support the institutional development of the popular savings and credit sector and to promote financial culture and savings among its members. The only savings-oriented Federal Government Development Bank that offers other financial services such as remittances and micro-insurance, among many others, which have been specially developed for its target population.

Financial inclusion

Banco del Bienestar invested in constructing 2,700 physical branches, ^[12] seeking to provide access to remote areas and people with low digital literacy. ^[13] The bank also offers financial services for migrants, ^[14] indigenous communities, and women. ^[15] In 2023, Banco del Bienestar distributed almost MX$500 billion through federal social programs. ^[16] Many social aid programs are now protected as human rights under the federal constitution. ^[17] Claudia Sheinbaum said her government would strengthen state-run banks including Banco del Bienestar. ^[18]

Criticism

The National Banking and Securities Commission sanctioned Banco del Bienestar for money laundering issues. ^[19]

References

1. Griffith-Jones, Stephany; Marodon, Régis; Rochon, Louis-Philippe; Xu, Jiajun (2022-12-12). Development and Public Banks. Taylor & Francis. ISBN   978-1-000-80279-5.
2. "Banco del Bienestar, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo | Gobierno | gob.mx". www.gob.mx. Retrieved 2023-08-31.
3. Ulfgard, Rebecka Villanueva (2023-11-17). Mexico and the 2030 Sustainable Development Agenda: Unsustainable and Non-Transformative. Springer Nature. ISBN   978-3-031-44728-0.
4. Página oficial del banco (Consultada 18 de junio de 2012)
5. Fajnzylber, Pablo; Lopez, J. Humberto (2008-02-08). Remittances and Development: Lessons from Latin America. World Bank Publications. ISBN   978-0-8213-6871-8.
6. Aprea, Carmela; Wuttke, Eveline; Breuer, Klaus; Koh, Noi Keng; Davies, Peter; Greimel-Fuhrmann, Bettina; Lopus, Jane S. (2016-03-24). International Handbook of Financial Literacy. Springer. ISBN   978-981-10-0360-8.
7. Aprea, Carmela; Wuttke, Eveline; Breuer, Klaus; Koh, Noi Keng; Davies, Peter; Greimel-Fuhrmann, Bettina; Lopus, Jane S. (2016-03-24). International Handbook of Financial Literacy. Springer. ISBN   978-981-10-0360-8.
8. Peschard-Sverdrup, Armand B.; Rioff, Sara R. (2005-04-20). Mexican Governance: From Single-Party Rule to Divided Government. CSIS. ISBN   978-0-89206-457-1.
9. "Ley Orgánica del Banco del Ahorro Nacional y Servicios Financieros". Diario Oficial de la Federación. 2001-06-01. Retrieved 2019-07-25.
10. "Bansefi" (PDF). Anuario Financiero de la Banca en México. 2003. Retrieved 2019-07-25.
11. Valencia, Jose Luis (2011). Housing Finance Mechanisms in Mexico. UN-HABITAT. ISBN   978-92-1-132358-0.
12. Staff, M. N. D. (2020-01-07). "'Bank of the Poor' will have largest network of branches in the country". Mexico News Daily. Retrieved 2025-08-08.
13. Teran-Bustamante, Antonia; Salazar, Marisol Velázquez (2025-07-30). Digital Transformation and Innovation in Organizations: A Latin American Perspective. Springer Nature. ISBN   978-3-031-90794-4.
14. Fauser, Margit; Bada, Xóchitl (2024-01-23). The Routledge International Handbook of Transnational Studies. Taylor & Francis. ISBN   978-1-003-82920-1.
15. internationalbanker (2024-08-20). "Sheinbaum's Election Victory Is a Ringing Endorsement of AMLO's Fourth Transformation Economic Strategy". International Banker. Retrieved 2025-08-08.
16. "Banco del Bienestar Meets Key Goals Set by Current Administration". Mexico Business. 2024-07-25. Retrieved 2025-08-08.
17. The Business Year: Mexico 2021. The Business Year. ISBN   978-1-912498-77-2.
18. Esposito, Anthony (2024-04-19). "Mexican presidential frontrunner would focus on renewable energy, water". Reuters. Retrieved 2025-08-08.
19. "López Obrador's Approval Rating / Banco del Bienestar". Mexico Business. 2023-08-02. Retrieved 2025-08-09.