Background on CAME and its Relevance
CAME, or the Sociedad Financiera Popular (Sofipo), is a financial institution that has been under scrutiny following its intervention by the Sociedad Financiera Popular (Sofipo) on June 13, 2025. The authority is yet to issue a definitive resolution regarding CAME’s situation. In the event that the deposit insurance is activated, it could cover most of its savers; however, available assets might not be sufficient to ensure full coverage for all savers, according to a Moody’s Local report.
Prosofipo Coverage and Asset Insufficiency
The Fondo de Protección de Sociedades Financieras Populares y de Protección a sus Ahorradores (Prosofipo) provides coverage up to 25,000 Unidades de Inversión (UDIs), equivalent to approximately 212,366 pesos as of June 22, 2025. By the end of 2024, CAME reported traditional savings of 1,599 million pesos from customer deposits and a total of 1,371,315 users. However, the exact number of savers among them remains undetermined.
Based on these figures, Moody’s estimates that the average savings per user was just over 1,000 pesos. Consequently, “the insurance would cover the majority of its savers.” Nevertheless, as of December 2024, Prosofipo held liquid assets amounting to only 594 million pesos, which would not be enough to cover all the accredited individuals.
Government’s Role and Sector Growth
Moody’s report also highlights that the Federal Government has the authority to make contributions that would strengthen Prosofipo’s current condition, potentially complementing available resources. The report emphasizes that CAME’s future is crucial for the financing conditions of other non-bank financial institutions (IFNBs) in 2025, particularly those with the ability to capture deposits from public savers.
Sofipos have demonstrated a strong ability to attract deposits in recent years. As of March 2025, their customer base grew by an annual rate of 63.4%, reaching 25.2 million clients.
Impact on Sector and Deposit Distribution
CAME’s reported savings totaled 1,599 million pesos, with 1,448 million corresponding to fixed-term deposits and only 151 million in immediate demand accounts. According to the Comisión Nacional Bancaria y de Valores (CNBV), this distribution reflects a less liquid savings base with greater commitment from clients.
It’s important to note that users with investments exceeding 25,000 UDIs would not have their excess deposits insured.
Limited Impact on the Financial Sector
The report also pointed out that, concurrently, the Sofipo system’s capture grew annually by 61.54% up to April 2025, indicating significant sector expansion despite CAME’s operational suspension. Despite the halt in CAME operations, Sofipos as a whole maintain a strong position with a Capitalization Level (Nicap) of 197.4% in the same month.
Given CAME’s relatively small size compared to the Mexican financial system, Moody’s Local México anticipates that its suspension will have a limited impact. Nonetheless, CAME ranked eighth among the Popular Financial Societies by asset size, with a total of 3,160 million pesos as of December 2024.
Key Questions and Answers
- What is CAME and why is it relevant? CAME, or Sociedad Financiera Popular (Sofipo), is a financial institution under scrutiny following its intervention. Its situation is crucial for the financing conditions of other non-bank financial institutions (IFNBs) in 2025.
- What does Prosofipo cover and why might assets be insufficient? Prosofipo covers up to 25,000 Unidades de Inversión (UDIs), equivalent to approximately 212,366 pesos. However, with only 594 million pesos in liquid assets as of December 2024, it might not be enough to cover all accredited individuals.
- How does the government play a role, and how has the sector grown? The Federal Government can make contributions to strengthen Prosofipo. Sofipos have shown strong growth, with their customer base reaching 25.2 million by March 2025.
- What is the distribution of deposits in CAME, and what does it imply? Most deposits are fixed-term (1,448 million pesos), with fewer in immediate demand accounts (151 million pesos). This suggests a less liquid savings base with greater client commitment.
- What is the expected impact of CAME’s suspension on the financial sector? Given CAME’s relatively small size, its suspension is anticipated to have a limited impact on the Mexican financial system.
