Sofipo Sector closes the year with proposals to modify its operation

Having more robust and updated legislation will allow us to continue successfully facing the challenges of the sector and grow responsibly”.

David Romero, president of Amsofipo.

The Popular Financial Societies (Sofipos) sector, made up of 40 entities in operation, underwent significant changes during 2022, for next year it is expected that the segment will continue to evolve. At the beginning of December, modifications to the Popular Savings and Credit Law were proposed, regulations that govern these entities.

The legislation was promulgated in June 2001, the proposals presented by the Mexican Association of Sofipos (Amsofipo) to the Ministry of Finance and Public Credit (SHCP) and the National Banking and Securities Commission (CNBV), are intended to strengthen the operation of the Sofipos to provide greater security to its customers.

Among the proposals, a modification to the general provisions is proposed. According to what was presented by the association, the main proposals of the sector would be in five areas: corporate governance, Capital, Protection Fund, Technology and Clarity with respect to other proposals of the sector.

Amsofipo stressed that one of the main objectives of the changes is for the authority to have a clearer supervision scheme and even provide more transparency in the process of fines and criminalization. In addition, the proposed upgrades are expected to allow Sofipos to compete with other technology players in the financial industry.

David Romero, president of Amsofipo, stressed that for the members he represents, bringing savings, credit, investment and insurance services to more Mexicans is a permanent task and requires an updated regulatory framework.

“We are figures regulated by the SHCP, through the CNBV and the Bank of Mexico, so having more robust and updated legislation will allow us to continue successfully facing the challenges of the sector and grow responsibly,” he added. Rosemary.

The Sofipos, which have assets of 36,428 million pesos and serve 4.8 million clients in 1,629 municipalities, are a key financial intermediary to meet the financial services needs of the population, therefore, as part of the process of updating La Law, seeks to strengthen Companies in key processes such as capital, liquidity and technology, for the benefit of customers.

New players and mergers

On the other hand, the entities of the Sofipo sector experienced the arrival of an international technological player, Nu México Financiera, decided to officially start operations under the figure, for which it plans to launch savings products in the future.

According to information from the entity, it accumulates a total of 50,000 users waiting for the functions, according to its estimates, 2,400 people register up to date.

Another relevant change for the sector was the announcement of the merger between the Microentrepreneur Assistance Council (CAME) and Te Creemos to operate as a single entity, which will have assets of 7,053 million pesos.

Both institutions are subsidiaries of the Sociedad Anónima Promotora de Inversión (SAPI) Te Creemos Holding; With its merger, CAME will represent 19% of the assets of the sofipos sector, making it the second largest popular financial institution, after Libertad Servicios Financieros, whose participation amounts to 30.6% of the assets of this type of segment of entities, according to official information.

sebastian.estrada@eleconomista.mx