Tulúm, QRoo. The high interest rates that prevailed in the country for a prolonged period of time had an impact on the profit margins of Multiple Purpose Financial Companies, non-banking intermediaries responsible for granting their first loan to 6 out of 10 small and medium-sized companies in the country, said Emanuel González, president of the Mexican Association of Multiple Purpose Financial Companies of Mexico (Asofom).
However, he stressed that the Sofome sector is “in a clear process of consolidation”, and proof of this is the large number of mergers and acquisitions that the institutions participating in the sector have made.
“We are an alternative source of financing for small and medium-sized businesses and we have become key institutions for promoting development and economic well-being,” said González during the 18th National Convention of Asofom.
He said that, to a large extent, the growth that the sector has had in recent years is also influenced by “the relationship we have with the government, which is unbeatable.”
Elisa Herrejón Villarreal, general director of customer service at the National Commission for the Protection and Defense of Financial Services Users (Condusef), said that Sofomes are a fundamental part of serving the population and companies that have historically been left behind by large financial institutions.
In this regard, he commented that regulated and non-regulated Sofomes have a credit portfolio that exceeds 678 billion pesos, more than 10 million contracts and a delinquency rate of 10 percent.
“But the partners of the Asofom have 21.1 percent of that portfolio or more than 143 billion pesos; 20 percent of the contracts, with 2 million 190 thousand; and a default rate of 6.4 percent, that is, they have done an extraordinary job.
“So the Sofomes must offer credit to clean up part of the population that today has debts that exceed their income, especially this universe of people who earn more than 50 thousand pesos per month,” he added.
Ángel Cabrera Mendoza, coordinator of banking and securities at the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit (SHCP), added that “these financial institutions have proven to be resilient to the economic environment, they have adapted to the period of the pandemic.”
“They (the Sofomes) are more than resilient to the economic environment, and today they are key to providing financing to small and medium-sized companies,” added the official.
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– 2024-09-21 10:24:56
