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Municipal savings banks will provide microcredits of up to S/200 through their digital wallet

Municipal savings banks will provide microcredits of up to S/200 through their digital wallet

The annual interest rate will be almost 40% lower than that offered by Yape.

The municipal boxes They will launch their digital wallet in June of this year and will have most of the options that other similar applications have. One of these are microcredits that, in the case of these entities, will be called lifesaving credits; the maximum amount will be S/200, although they do not rule out increasing it depending on the needs of the users, according to the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac).

Besides, the annual interest rate will be 50%, 40% less than Yape, which currently charges 89.9%.

“We are going to be born with what customers have already adapted. For credit from new, unbanked customers, it would be an annual rate of 50%, they are credits that are analyzed based on the transactionality of the wallet. We are in a market in which we know the clients and their credit behavior, where technology becomes a facilitator of the process”, he specified john sarmientoManager of Corporate Services of Fepcmac to The Republic.

The executive pointed out that it is also considering making a second type of loan available that will be directed to mypes. In addition, the application will not only be available to the more than 10 million customers that group the boxes nationwide, but to all users.

Transfers of up to S/500 per day

The savings banks are clear that, in order to enter the market, they have to do so with what customers are already familiar with, and this contemplates the receipt of money and the transfers that wallets such as Yape and Plin allow, with a maximum limit per day of S/500. They also consider that this sum will be under evaluation and could be higher.

“The wallet has the characteristic of being able to make transfers of small amounts. The amount that has become familiar with the market (of S/500) is defined and accepted, and not only by the user, but also by the regulatory entities, because it is it is mitigating an operational risk. The increase in the amount will have to be statistically supported by a real need,” Sarmiento explained.

On the other hand, the savings banks have agreements with different businesses nationwide that will allow them to include the marketing of some services. For example, the sale of SOAT, catalog products, payments for basic services, among others.

Source: Larepublica

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