The Popular Financial Companies (Sofipos), especially those that originate from the Fintech sector, are at war to capture the majority of resources from the investing public with the interest rates they offer.
Taking advantage of the fact that the Bank of Mexico’s reference rate is at historical maximum levels of 11.25 percent annually, the Sofipos try to capture the greatest possible amount of resources.
To achieve this, they offer yield rates in the market that exceed the reference rate of 11.25 percent by several points.
This recruitment war has several intentions:
1) On the one hand, the Sofipos try to finance some of their other products by raising resources, especially those related to credit.
2) It is also a good way to capitalize, since the rates offered, despite being attractive to the general public, are far from being close to those they would pay for a direct loan or a financing scheme. That is, it is cheaper for them to finance or capitalize through deposit products.
3) It is also a good way to fund some other projects or simply “cash in” with “cheaper” resources.
These are the Sofipos “at war”
Recently the digital bank Uala announced that it would raise the rate it pays its clients on savings accounts from 12 to 15 percent.
Sofipo thus joined other institutions that announced increases in their deposit rate, or entered to compete in the market.
Perhaps Ualá’s announcement had to do with the move of Wildebeesttoday the largest Sofipo in the country, which previously announced a “spectacular” increase in its deposit rate by raising it from 9 to 15 percent annually, thereby modifying the market board since a “giant” like Nu put the very high catchment benchmark.
Storyanother important Sofipo that recently acquired its similar Mascaja, launched its own savings account, with a rate of return also of 15 percent.
Klar has tried not to be left behind and offers a rate of 14 percent to its deposit clients, Sofipo recently acquired the popular financial company Servicios Financieros Alternativos
The Sofipo Crediclub It offers its investing public a deposit rate of 13.5 percent through its products, among which SuperTasas stands out.
I sophipo her Finsus It also wants to compete in the market with the largest companies and offers a 15 percent return on its investment product, starting at 100 pesos.
Anchorwoman is another Sofipo that acquired the popular financial institution Apoyo Múltiple, and offers a return of up to 12 percent on its debit account.
The advantages and risks
The fundamental advantage lies in performance.
To measure, according to the latest data, the average deposit in the banking system through traditional promissory notes was around 5 percent annually, which means that several Sofipos pay twice as much as what the banks pay.
As for the main risk, there is the fact that at a certain moment, some Sofipo could run into financial viability problems and put the savings of its investors at risk.
For this reason, it is so important to know the limits of the insurance offered by the IPAB for these cases, as well as to know if Sofipo is a Regulated Entity (RE), that is, it is fully supervised by the corresponding authorities, thus reducing the risk that Today its main characteristic and benefit is rates of return for savings that were not seen in our financial market many years ago.
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