Expansion of Banco de Bienestar Cost 15 Billion Pesos

2,750 New Branches Were Built in Mexico during the Current Administration bringing closer and facilitating the reception of remittances in remote areas

Banco de Bienestar (BaBien) cost the public treasury 15.1964 billion pesos, adjusted to 2024 prices, according to the sixth and final Government Report 2023-2024 by Andrés Manuel López Obrador.

The funds were allocated to finance the BaBien Expansion Plan, which originated from the transformation of the National Savings Bank and Financial Services (Bansefi). This plan involved the construction and opening of 2,750 new branches, adding to the 399 existing ones, bringing the total to 3,149.

The institution was established as a means for the direct, intermediary-free distribution of monetary support from various social programs. Additionally, it ensured that all beneficiaries of social programs had a bank account in their name and a debit card to receive these funds.

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The document details that on November 14, 2023, the Secretariat of National Defense (Sedena) completed the construction of these branches, located across the 32 federal entities, and on February 26, 2024, they were put into operation, thus concluding the project that began under this administration.

"Through the expansion of its network of branches and ATMs, Banco de Bienestar strengthened its infrastructure to have a presence in the most remote and highly marginalized areas that require priority attention," the report highlights.

It is worth noting that through this bank’s program and its Mexico-United States programs, remittances can be sent at a cost of $3.99 for transactions up to $1,500, allowing Mexican families to save up to 82% on money transfer fees. Additionally, with branches present in remote locations, families were facilitated in receiving and withdrawing these funds.