Since March of this year, the municipal savings and credit banks (CMAC) can now issue credit cards without the authorization of the Superintendency of Banking, Insurance and AFP (SBS), as well as banks.
To date, CMAC Cusco is the only entity of its kind that already offers this service. However, two more boxes will be added to it until the end of the year, according to Jorge Solis Espinozapresident of the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac).
Previously, Solís had announced that Caja Arequipa and Huancayo are the entities that will deliver the plastic pieces this 2023. He also pointed out the possibility that Caja Piura join as a third entity in this initiative.
Next year, “at least three more savings banks are going to issue credit cards,” said the president of the Fepcmac.
It should be noted that the interest rates of these institutions will range between 28% and 35%, in contrast to the average of 80% applied by banks. With these innovative offers, these savings banks have as a priority to serve, in the first place, their clients, among which are mainly micro-entrepreneurs. For this reason, the card will adopt a hybrid approach, which will make it possible to provide both business and consumer credit.
Source: Larepublica
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