A proof-of-concept app demonstrates how the unbanked in Mexico City can gain economic security.
Domestic workers and caregivers, a network of bodega stores acting as transaction centers, and micro-savings proved out on the one device the population already carries.
Two
strategic partners — a workers’ advocacy organization and a bodega retail network
~4.5x
year-over-year user growth, since the proof of concept
What was breaking
Globally, the number of unbanked individuals remains high. In Mexico City, a sizable population lacks access to traditional banking — particularly among domestic workers and caregivers.
Without an account there is no safe place to accumulate, no record to borrow against, and no path to the compounding that makes saving worth doing. The constraint was never willingness; it was access on terms that fit the way this work is actually paid.
The bodega stayed the front door.
What we did
Proved that micro-savings and micro-investment for the unbanked are feasible on their own smartphones — a device that is already ubiquitous in this population.
Sponsored from the top, built with two partners on the ground
The initiative was sponsored by executive leadership in banking and finance, in partnership with two strategic organizations: one advocating for domestic workers, the other a network of physical bodega stores across Mexico City that would act as banking transaction centers.
Digital wallets, blockchain and cryptographic security
The proof of concept leaned on digital wallets, blockchain and cryptographic technologies to make small amounts safe to hold and move.
Launched, despite COVID-19
Despite the pandemic, it launched with only a slight delay and was well received by its target audience.
AI-assisted onboarding, tuned to real financial behavior
Onboarding and engagement were built around how this population is actually paid and actually saves, rather than a generic flow — AI-assisted, and tuned to real-world financial behavior. That fit is what took the user base to roughly 4.5x year-over-year.
What we brought
- Business model development, including customer incentives for user expansion
- Partnership development and distribution channel management
- Product leadership, including platform selection for app development
- Product design, featuring intuitive in-app walkthroughs
- Product engineering, managing a virtual team of app developers
- App development — enhanced security, digital wallet, account setup
- Multi-language support (EN/ES)
- AI-assisted onboarding, built around real-world financial behavior
What stayed with people
Rather than asking people to trust an unfamiliar institution, the model routed transactions through the neighborhood stores and the workers’ own advocacy organization — relationships that already carried trust. The app carried the mechanics; the people who already knew each other carried the confidence.
What came of it
- Seed fundingsecured for app development.
- ~4.5x year-over-year user growthscaled past the proof of concept through AI-assisted onboarding built around real-world financial behavior.
- Two global showcasesthe app presented at a financial education forum and a banking institution.
- Pilot partnershipscritical relationships established across the Mexican financial and retail sectors.
- Model and platform viableboth proved capable of delivering the service.