BanFeliz goes for loans for informal workers and savings products

“The intention is to continue with the bank to not only give them a credit option, but also to start promoting savings and start banking. Bring to formality all that engine that moves the economy in Mexico and that is neglected,” he says.

Given the boom in accounts with returns offered by other institutions such as Sofomes, BanFeliz said it will offer savings products, as well as access to a network of discounts in more than 12,000 establishments throughout the country.

BanFeliz will allow its clients to open an account through an app in minutes because it developed a platform that has allowed them to strengthen the digital part and compete with other institutions. However, they will expand their presence with physical branches.

“The intention is that in the next 12 months we will have 285 service centers that would complement the digital presence. We are going to have a presence throughout the country, but due to its importance, Mexico City will have more branches,” he adds.

The amounts of credits they will be giving will be around 6,000 pesos with terms of up to six months and biweekly payments.

By 2025, BanFeliz hopes to have insurance, investments and receipt of remittances, but this cannot happen without the endorsement of the National Banking and Securities Commission (CNBV).

Forjadores achieved profits of one million pesos since last February, which in Elizondo’s words is good news and they will seek to continue that trend.

Why is it called BanFeliz?

Elizondo says that the idea is to arrive with a brand that is “happy, youthful and attracts attention.” He adds that the idea also comes from helping people. “The Group’s slogan is to create happiness, we have a culture of making as many people as possible happy: employees, their families, our investors and clients.”

This was the purchase of Forjadores

Forjadores was managed by a Peruvian group that decided to divest from other markets where it operated to focus on its country of origin.

The bank was dedicated to serving micro and small entrepreneurs with loans, offering group and solidarity loans to women. For this reason, BanFeliz raised its hand and after more than a year of negotiations the acquisition was made for an amount that has not been revealed due to confidentiality issues.

“The portfolio (of Forjadores) is small and the intention is to continue with that portfolio by continuing to serve the clients that Forjadores has and when we go to take control in the following weeks of the operation and administration of the bank (we are going to) request the authority to add both credit and savings products and means of payment,” adds Elizondo.

The manager points out that they had previously had the intention of obtaining a banking license that would allow them to open the range of products to their clients.

“At some point we considered starting from scratch and getting a banking license (but) the opportunity arose that the ACP Group – which are the owners of Forjadores – made a strategic decision to divest from the countries in which they were,” said Sergio Elizondo. .

Until last March, Forjadores had a credit portfolio of 487 million pesos, mostly focused on productive credit. Forjadores’ delinquency rate is the second highest of all banks with a rate of 7.85%, according to CNBV data.

To reduce delinquencies, BanFeliz plans to follow up with the help of technology and, with parameterization and collection, originate more and better loans.