The challenge for Sofipos is to achieve banking access to new users: CNBV

During the first day of the ninth Convention of the Mexican Association of Sofipos, Martínez added that Artificial Intelligence and blockchain offer opportunities for the development of financial products.

He highlighted the importance of Sofipos in the financial system because they are the institutions that reach communities that have traditionally been marginalized by the conventional financial system and whose role is fundamental in financial inclusion in Mexico.

The 36 Sofipos operating in the country have seen a 66% growth in clients over the past year. As of June, they had a customer base of 17.6 million and had raised 108,143 million pesos in user funds.

The CNBV highlighted that the growth in clients in recent years is a reflection of the trust that users have in these entities to meet their needs.

Although Sofipos are licensed to offer credit and raise funds, the association has asked the regulator to work on expanding some permits so that these entities can also have accounts for minors or products for migrants.

The union seeks to take advantage of the fact that Mexico is a country that receives many migrants on their way to the United States, although there are others who stay and that makes them an attractive audience for these institutions.

Marlene Garayzar, co-founder of Stori, highlighted during her participation that the users they currently serve are bank clients, that is, they use Sofipos as a secondary account and, therefore, the challenge remains to attract people who have not been served.