About Asofom and Its Relevance
Asofom, the Association of Multiple-Purpose Financial Societies in Mexico, plays a crucial role in the country’s financial landscape. Comprising over 1,000 societies, Asofom facilitates access to credit for micro, small, and medium-sized enterprises (MSMEs), contributing significantly to economic growth and development. As the representative body for these financial societies, Asofom’s strategies and initiatives directly impact the MSME sector and, consequently, Mexico’s overall economy.
Main Focus: Self-Regulation and Governance
Javier Garza Hoeffer, the national president of Asofom, emphasized that self-regulation and governance are central to the association’s strategic agenda for 2026. The primary goal is to strengthen and consolidate the sector within both national and international financial systems.
Strengthening Compliance and Regulatory Standards
Asofom plans to organize specialized sessions led by experts across its five regions (Norte, Noroeste, Occidente, Centro, and Sureste) to train member societies on implementing the OFAC best practices manual and adopting stringent international standards for preventing money laundering (ML) and terrorism financing (TF).
Developing Sector-Specific Services and Risk Prevention
The agenda also includes developing a tailored service offering aligned with members’ needs to address common challenges. One such initiative is creating a private, unified collateral registry among members, focusing on fraud prevention and consistent collateral management for credit backing.
Inclusion Financial as the Next Step
Once these foundational pillars are established, Asofom aims to promote financial inclusion. According to the organization, MSMEs account for 15% of credit extended by non-bank intermediaries and have become “last-mile” entities, playing a vital role in ensuring that 30% of MSMEs access formal financing by 2030, in line with the Mexican government’s Plan México and the construction of 90 new industrial parks.
Leadership’s Vision
Javier Garza Hoeffer, Asofom’s national president, stated that the association will seek to expand socially impactful financing, supporting more MSMEs, integrated production chains, and sustainable investments. “We are ready to move the needle on socially impactful financial inclusion with national and international institutional funding,” he said.
Óscar Cruz Torres, Asofom’s national vice-president, highlighted the importance of ensuring that credit reaches borrowers swiftly and with a clear understanding of its personal, family, and social impact. He emphasized the opportunity presented by specialized industrial credit, which will require agility in financing, regulatory compliance, market knowledge, and technology application.
Jorge Avante, Asofom’s general director, mentioned that as the association approaches its 20th anniversary, it will prioritize sector institutionalization. This includes setting transparency and self-regulatory standards that will elevate member societies to new levels and implement a zero-tolerance policy for non-conforming practices.
Key Questions and Answers
- What is Asofom and why is it relevant? Asofom is the Association of Multiple-Purpose Financial Societies in Mexico, representing over 1,000 societies that facilitate access to credit for MSMEs. Its strategies and initiatives significantly impact the MSME sector and Mexico’s overall economy.
- What are Asofom’s main priorities for 2026? Asofom prioritizes self-regulation, governance, compliance, and financial inclusion. The association aims to strengthen the sector’s position within national and international financial systems while ensuring swift, impact-aware credit distribution.
- How will Asofom promote financial inclusion? By expanding socially impactful financing, supporting more MSMEs, integrating production chains, and fostering sustainable investments. Asofom also seeks to ensure that 30% of MSMEs access formal financing by 2030, aligning with government goals.
- What are the key initiatives Asofom plans to undertake? Asofom intends to organize specialized compliance training sessions, develop sector-specific services, create a unified collateral registry, and prioritize institutionalization with transparency and self-regulatory standards.
