FEMSA Halts Spin Bank Project: What Happens to Your Account and Money?

Fomento Económico Mexicano SAB, known as FEMSA, has paused its efforts to convert its fintech arm, Spin by OXXO, into a formal banking entity. The company has suspended the process of requesting a banking license as part of a strategic adjustment to prioritize the operational strength and profitability of its OXXO retail network in Mexico.

General Director Jose Antonio Fernández Garza-Lagüera confirmed the decision to postpone the procedure. According to the company, the move is intended to allow FEMSA to concentrate its efforts on strengthening OXXO’s operations, increasing the use of digital payments and enhancing customer loyalty before pursuing a formal banking license.

The strategic pivot comes as FEMSA seeks to ensure its digital platform is sufficiently solid. The company stated it will explore opportunities within the credit business but will not re-apply for a banking license until there is greater clarity regarding the results of these efforts.

Impact on Spin by OXXO Users

Despite the change in corporate strategy, FEMSA has indicated that the Spin by OXXO platform will continue to operate normally. The digital wallet and the associated physical Visa cards will remain functional, allowing users to manage money via the mobile application and perform transactions at OXXO stores.

The service will maintain all current operations, meaning users can continue to receive deposits and make payments as they have done previously. The pause in the banking license application does not alter the current utility of the digital wallet for the millions of people who use it as a tool for casual money management.

Corporate Restructuring and Job Cuts

The shift in fintech strategy has been accompanied by workforce reductions. On March 20, 2026, reports indicated that FEMSA eliminated hundreds of jobs within its Spin unit.

This reduction in staff follows the decision to scale back the immediate ambition of becoming a formal bank, reflecting a broader effort to reduce regulatory costs and prioritize the profitability of the retail side of the business.

User Growth and Digital Expansion

The decision to pause the banking license occurs during a period of significant user growth for the fintech division. In 2025, Spin by OXXO added 800,000 new users, bringing its total user base to 16.1 million.

This represents a 22.7 percent annual increase compared to the 13.1 million users reported during the same period of the previous year. The growth highlights the scale of the platform’s reach across Mexico, even as the company pivots away from a formal banking structure.

Broader Strategic Adjustments

Beyond the banking license, FEMSA is implementing other changes to its digital and loyalty ecosystem. The company will stop seeking external partners for its Premia points program, opting instead to focus those efforts directly on its own network of stores.

These combined moves—the suspension of the banking license, the workforce reductions in the fintech unit, and the internal focus of the Premia program—signal a shift toward consolidating existing assets and optimizing costs over rapid institutional expansion into the formal banking sector.