The Bineo app is available for iOS and Android, allowing users to perform various banking operations. The platform currently offers no-minimum, commission-free savings accounts and personal loans ranging from approximately $250 to $10,000, with an average weighted Annual Total Cost (CAT) of 46.5%.
As a digital extension of Banorte, a well-established financial institution in Mexico, Bineo leverages its parent company’s reputation for reliability. This strategic move into digital banking reflects a wider industry trend towards more accessible and low-cost banking solutions, potentially challenging traditional banking norms in Mexico.
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