Introduction to Sofipos and Recent Developments
In recent years, the sector of Sociedades Financieras Populares (Sofipos) in Mexico has undergone significant transformations, including mergers and acquisitions of traditional entities by fully digital operating institutions. Notable examples include Nu, a Brazilian origin firm, recently receiving authorization to operate as a bank after acquiring a financiera.
Sofipo Establishment Requests in 2022 and Beyond
According to information obtained through a transparency request by El Economista, the Mexican National Banking and Securities Commission (CNBV) has received 11 requests to establish a Sofipo since 2022. Out of these, eight are currently under review by the CNBV, two have been withdrawn by the applicants, and one has been authorized.
Comparatively, by May 2024, ten requests for Sofipo establishment had been received. At the same time, six were undergoing evaluation and processing by the CNBV.
Among the currently 11 requests, only Financiera Haai Capital has been authorized so far. It submitted its request on February 15, 2022, and received approval in July 2023. The number of requests for 2024 has significantly increased, reaching six—the highest in the analyzed period.
Prominent Companies Interested in Sofipo Establishment
Some companies that have publicly expressed their intention to establish themselves as Sofipos include Baubab, specializing in financing, and Yuhu, a Mexican technology firm. Additionally, Ditobanx, a society operating virtual assets, announced their Sofipo application process in 2024.
Recent Transformations and Revocations
In recent years, Sofipos have experienced significant transformations through mergers and acquisitions of traditional entities by fully digital operating institutions. For instance, Klar acquired Servicios Financieros Alternativos (Sefia) in 2023 to launch savings products, while Fondeadora acquired Apoyo Múltiple and formed Fondeo Technologies. Stori purchased MasCaja to expand its loan and deposit offerings.
Revocation of Sofipo Licenses
Currently, 34 Sofipos are operational, with one still in the authorization phase without starting operations. However, the ecosystem has been marked by license revocations due to non-compliance with the Nivel de Capitalización (Nicap) requirements. Notable cases include Operadora de Recursos Reforma, Caja de la Sierra Gorda, and Auxi.
Since 2022, the CNBV has revoked authorization for seven Sofipos. Among those affected are Comercializadora Financiera de Automotores (Cofia), Financiera Planfía, Crédito Popular Nacional, and Impulso para el Desarrollo de México.
Currently, Sofipo CAME, which merged with Te Creemos in 2023, faces issues with its savers and employees, causing concern among its clients. However, no official statement has been issued by the authority.
Key Questions and Answers
- What are Sociedades Financieras Populares (Sofipos)? Sofipos are popular financial societies in Mexico that aim to provide financial services to underserved populations, focusing on microfinance, savings, and credit.
- Why are there more Sofipo establishment requests in 2024? The increase in requests for Sofipo establishment in 2024 reflects growing interest and investment in digital financial services in Mexico.
- What are some notable transformations in the Sofipo sector? Significant transformations include mergers and acquisitions of traditional entities by fully digital operating institutions, such as Nu’s acquisition of a financiera and its authorization to operate as a bank.
- What led to the revocation of Sofipo licenses? Licenses were revoked primarily due to non-compliance with the Nivel de Capitalización (Nicap) requirements.
- Which companies have expressed interest in establishing themselves as Sofipos? Companies like Baubab, Yuhu, and Ditobanx have publicly announced their intention to become Sofipos.
