Sofipos see opportunities in their figure, despite the banking migration

In previous months, companies such as Nu and Finsus, two of the three largest Sofipos in the country by assets, announced their intentions to become banks, although other firms have also announced that they want to join the group of Sofipos, such as Ditobanx, a firm that began operations that month.

“This is a growing and maturing market, and that implies different things: there are players knocking on the door, there are a greater number of companies wanting to enter than those that have shown some kind of interest in leaving. The incentives to look at other figures such as banking have to do with some regulatory issues that we are managing so that there are changes and that the regulatory framework is further strengthened,” Fernández said.

The CEO of Crediclub also highlighted that the authorities have a proposal since 2022 in which they requested improvements in accounting criteria, the possibility of offering payroll products and issuing credit cards.

“We believe that extending this power to the Sofipos will help improve the quality of products for millions of Mexican workers who deserve more options,” he added.

But another relevant issue for the sector is digitalisation, a key tool in the success of these institutions. Fernández said that the digital money agenda is one of the AMS’s priorities.

“There are many actors who must come together to ensure that money becomes increasingly digital, to reduce the use of cash and to allow people to make full use of financial services that improve their quality of life,” he said.

The digitalization of transactions allows users to leave a digital footprint that Sofipos can use to get to know the customer and thus offer products according to their habits. Fernández said that this is already done in countries such as India, Brazil or China, where digitalization allows for hyper-personalization.