Cetes Directo prepares for 24/7 deposits and sets target of 3 million accounts despite lower rates

Cetes Directo, the public platform for investing in government securities, is working to enable deposits 24 hours a day beginning next year and aims to reach 3 million users by 2026, even amid a period of monetary normalization. This initiative seeks to meet retail savers’ demand for greater operational availability and aligns with the government’s strategy to promote formal savings.

According to program executives, Nacional Financiera—the operator of Cetes Directo—is finalizing tests and seeking approvals to extend its window for receiving funds via SPEI. Currently, the platform accepts deposits only during limited hours; migrating to a 24/7 system aims to reduce friction, facilitate recurring contributions, and increase user retention. Since these are direct purchases of Cetes, Bonds, and other federal government instruments, there are no fees or bank intermediation involved.

This push coincides with the National Financial Inclusion Policy and the challenge of formalizing savings in a country where, according to ENIF 2024, 58% of people save money informally and 34% do not save at all. The vulnerability to theft, fraud, or loss when storing cash at home or participating in informal savings pools (tandas) remains high. Financial education campaigns focused on short and medium-term goals, as well as low-entry-threshold products, can help close these gaps, though challenges persist, such as digital connectivity and building trust in remote channels.

On the yield front, Cetes Directo is operating in a declining rate cycle after Banco de México hit a peak of 11.25% in 2023. While Cetes have offered positive real returns for much of recent quarters, this is not a permanent guarantee: as monetary easing progresses, coupons are expected to moderate and reinvestment risk will rise. For those aiming to preserve purchasing power, Udibonos—bonds indexed to inflation—and laddered terms are common alternatives available in the platform’s menu of government securities.

Cetes Directo’s offering includes low-entry options like Bonddia, with daily liquidity starting from 100 pesos, and recurring savings from 300 pesos with automatic debit from a checking account. Retail investor appetite is focused on short-term horizons: the majority favor 28-day Cetes and liquidity funds, making household liquidity management easier but exposing savers to frequent reinvestments in a context of falling rates. Diversifying across terms and combining nominal instruments with those linked to inflation can help mitigate this exposure.

The move to 24/7 deposits also presents operational challenges: real-time anti-fraud monitoring, continuous service, and robust cybersecurity. Cetes Directo does not plan to accept cash deposits, in line with formalization goals and anti-money laundering standards. Deeper integration with SPEI and improved authentication practices could strengthen the user experience without sacrificing controls.

In terms of adoption, the program is adding several hundred accounts per day on average; to reach 3 million users from its current base of around 2.7 million, it will need to accelerate registrations or boost activity per customer. Factors such as the expansion of formal employment, the growth of nearshoring—which has boosted incomes in several regions—and the ongoing consolidation of digital payments could favor growth, although competition from neobanks, brokers, and funds is also intensifying. Trust in government-backed instruments, the absence of fees, and greater operational flexibility are the main levers supporting continued growth.

In summary, Cetes Directo’s push for 24/7 deposits and expanded financial inclusion is arriving at a time of lower nominal returns but greater maturity among digital savers. Success will depend on frictionless execution, maintaining low costs, and offering options that preserve real value as inflation and rates evolve.

Outlook: if the platform can deliver around-the-clock availability with robust controls and communicate the options for different terms and inflation-protection effectively, it stands to maintain its pace of new account openings and solidify its role as a gateway to formal savings—even with normalizing returns and increased competition in the financial ecosystem.

Note: Yields on the instruments are subject to market conditions; before investing, it’s advisable to assess your time horizon, risk tolerance, and inflation expectations.