Historic Record in Fundraising by Sofipos: 126.863 Billion Pesos in Returns

Accounts that offer returns have been key for Sofipos to attract resources, and in September, they reached a historic figure. From January to September of this year, these institutions have successfully raised 126.863 billion pesos from their clients, which represents a 256% increase compared to the same period in 2023, according to information provided by the National Banking and Securities Commission (CNBV). Sofipos aim to promote financial inclusion among unbanked individuals by offering both resource collection and credit, as well as digital accounts.

Sofipos have managed to attract a large number of clients with accounts offering double-digit returns, which has captivated those looking for options to grow their money. The high-interest rates set by the Bank of Mexico (Banxico) generated an uptick in demand for Cetes, leading Sofipos to compete by offering attractive products. In contrast, banking sector fundraising has grown at a more modest pace, with a 7.7% increase. Despite their notable growth, banks remain the primary collectors, with a total amount of 8.5 trillion pesos raised. Since the fourth quarter of 2023, the 36 Sofipos operating in the country have started to collect more resources than they lend out, and Moody's Local has indicated that the most significant growth in clients and fundraising has been seen in institutions that are promoting digitalization.

Which are the leading Sofipos in fundraising in Mexico? Nu, Finsus, and Klar are the Sofipos that have managed to raise the most resources, accumulating 77.7% of the total 126 billion pesos. Nu Mexico stands out as the leading institution in fundraising, with 77.339 billion pesos, followed by Finsus with 10.875 billion. These institutions share a common goal: to obtain a banking license to expand their customer base. Klar, while it has not yet expressed its intent to acquire a banking license, has raised 10.366 billion pesos. Accounts with returns have become a great attraction for these institutions, and banks are also seeking a share of the market through their digital divisions. An example of this is the announcement made by Santander on November 19 about the launch of Openbank, a digital bank that started operations with a limited client base to offer accounts with a 12.5% return.

It’s interesting to observe how the growth of Sofipos reflects a constant search for opportunities among consumers. The ability to offer competitive return rates can truly change the landscape of financial inclusion in the country. Those seeking access to better returns should stay informed and compare not just the rates, but also customer service and the security of their savings. As competition in the financial sector increases, consumers have more options than ever to optimize their money.