Latin America’s largest wireless carrier, American Movil, will offer financial services to about 50 million people in Mexico who have mobile phones and no bank accounts, according to American Movil CFO Carlos Garcia Moreno. “There are many more telephones than there are bank accounts, and it’s important to bank all of those people that already have a phone,” Garcia Moreno, 53, said. “The numbers are enormous.”
With financial services, America Movil is taking advantage of its wireless Internet network to seek new opportunities for growth in Latin America, as the number of mobile-phone users nears 100 percent of the population. The company told investors last week it expects to boost sales by 6 percent to 8 percent each year through 2014, compared with an increase of 5.3 percent last quarter from a year earlier.