The decision to increase financing rates is up to each entity: Amsofipo

The Federal Reserve of USA continued the upward trend in leading rates, setting the course for yields around the world. Such is the case of Bank of Mexico which continues to present increases in interest rates with the aim of moderating aggregate spending.

In the case of Popular Financial Companies (Sofipos) in Mexico have been updating interest rates, in line with the measures taken by the central bank, with the aim that those who wish to save also benefit from the increase in rates, as David Romero Morfín commented. , president of the Board of Directors of the Mexican Association of Sofipos (Amsofipo).

“ In this regard, the Sofipos offer different products for those people who want to grow their assets and generate savings”, he said.

“Speaking of credit, we are trying to ensure that this increase is not transferred to the final customer, obviously this depends on the measures that each entity establishes.

panorama in the sofipos

The segment served by the Sofipos focuses on small businesses and people who do not have access to proof of income or a fixed salary, however, they are a fundamental piece of the country’s economy, Romero Morfín emphasized in an interview with El Economista .

“In this sense, this segment has a high demand for products, particularly productive credit to supply their businesses, which range from handicrafts, stationery stores, grocery stores, butchers, hairdressers, street vendors or those who sell by catalog,” David Romero said.

He insisted that the Sofipos “remain strong and with growth prospects, ready to support customers and continue to face the economic challenges that arise throughout the world, including the most obvious: inflation.”

Opportunities and risks

The opportunities that the Popular Financial Companies have are in reaching more and more Mexicans. “We know that there is still a large percentage of them that do not have at least one financial product and we are working hard for this,” said Romero, who leads Amsofipo, an organization that promotes the healthy development of the Popular Savings Sector within the Mexican Financial System. .

He considered that the Sofipos are moving towards digitization, through the launch of mobile applications for users, the use of CODI, “but also with cutting-edge technology to be closer and streamline customer processes, with response times shorter and more simplified, always in line with what the law allows us, such as the use of instant messaging for receiving documents for opening accounts or granting credits”.

He said that the Sofipos still have a long way to go to grow in granting loans and also in receiving investments or savings.

Amsofipo Convention

The Annual Convention will be held on August 25 and 26 in Juriquilla, Querétaro. “It is the most important meeting that we have as a union and this year we will be talking about three fundamental pillars: financial inclusion, ESG principles and technology,” said David Romero.

“The three pillars are closely related and in line with the context we are experiencing. Without a doubt, it is important that more Mexicans have access to reliable financial services and technology is a great tool to achieve this.”

“The use of environmental, social and corporate governance principles as a guide to move towards sustainable finance, where the environment, social matters and governance are priorities in the short- and long-term objectives of the Sofipos,” concluded Romero.

patricia.ortega@eleconomista.mx