After almost two years, the law that strengthens the municipal boxes and that will allow them to grant credit cards on equal terms with banks. Microfinance institutions must only have assets equivalent to 75,000 UIT (S/345 million) after their third year of operation.
In fact, there are already nine boxes that meet these requirements: Arequipa, Huancayo, Ica, Maynas, Piura, Sullana, Tacna, Trujillo and Metropolitan.
The Superintendence of Banking and Insurance (SBS) specified to this medium that it is not required to issue a new regulation. After throwing the card, The edil box has a period of up to 10 days to present a risk report for new products or important changes in the business environment, which is required of any financial institution when it offers a new one to the market.
Experience
Since August 2022, Caja Cusco became the first microfinance institution to issue credit cards after going through the regular SBS procedure. To date, they have already delivered 1,500 plastics and plan to place 6,000 by June of this year.
“Our credit card has a particularity, it is mixed, a percentage is for business use and the other for consumption. So, for working capital, the average credit is S/10,000 and for consumption it is S/3,000”, explained Walter Rojas, central business manager of Caja Cusco.
The executive specified that, although they could grant lines of credit of up to S/50,000, they are opting for gradual growth.
Meanwhile, they seek to ensure that their clients are aware of all the benefits that are given to them, such as the option to use the card nationally or internationally, since it is affiliated with Visa, and if they pay their fee within the first 45 days, they will not be it charges no interest.
As announced by the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac), this 2023, Arequipa, Piura, Trujillo and Huancayo would join Cusco in the emission of plastic; and they will offer an interest rate that will go between 24% and 32%.
The norm too It allows them to administer and manage other products such as checking accounts, cashier’s checks and draft orders. In addition, they may incorporate multilateral organizations as partners or strategic allies.
Potential risks of the measure
Although it is very positive that the savings banks enter the credit card market, there is a risk that they will not be able to control the delinquency rate, according to Jorge Carrillo Acosta, an expert in finance from Pacific Business School.
“The money that the savings banks lend does not belong to them, but to the savers. So, there is a risk that they will fall into a certain level of insolvency and that with that they will not be able to pay the saver, and that is what is worrying”, accurate.
About, red He pointed out that entities have to develop platforms to mitigate the various risks that exist and are able to do so.
The word
Walter Rojas, Business Manager of Caja Cusco.
“Just as we grant loans to mypes, banks do too. The more competition, the one who wins is the client because not only will a lower rate be offered, but also a better service”.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
