Within the framework of the powers granted by Congress, yesterday the Executive Power published a legislative decree that dictates measures for the strengthening of the Banco de la Nación, with which the process begins so that in the short term the entity can offer financial products such as loans to mypes, and thus “complement the offer granted by private banking.”
With the changes made, an automatic capitalization of the Banco de la Nación will be allowed so that it can modernize itself in its role both as payer of the Condition and financial inclusion, explained last Friday the Minister of Economy, Oscar Graham.
The adaptation process would take between 15 and 18 months, as previously detailed by the president of Banco de la Nación, José Chávez Cuentas. In other words, the first credits could still be delivered by the end of next year. “It seeks to complement to private banking, with a sustainable product. Without losses, but that does not seek to generate much more profit than what it already perceives”.
Scope of credits
Chávez explained that the Banco de la Nación will be able to give loans from S/ 500 to S/ 60,000 to mypes, with interest rates between 10% and 45%, compared to 15% to 90% offered by private banks.
However, its focus will only be on those in the commerce, services and manufacturing sectors, which are not served by private banks or microfinance institutions.
Thus, with data as of July 2021, a potential 1.7 million mypes were identified from these sectors that had never had access to formal credit in the financial system. This is more than 50% of the total.
“If we focus only in unattended companies and we take the number for average credit in micro-enterprises of S/ 5,000 and in small businesses of S/ 30,000, we can estimate a potential demand of S/ 10,387 million from these companies now without access to credit”, he detailed.
Handle with care
The former head of the Superintendence of Banking, Insurance and AFP (SBS) Juan José Marthans emphasized that by mandate of the Constitution, the National bank it cannot compete directly with private banking, because its main role is subsidiary. But he pointed out that he can serve the segments without a financial presence.
He added that the entity should carefully implement the mechanisms to measure risks. “You have to be very careful because the availability of information regarding the risks they face when lending to a person who does not have a credit history is high. If this is not managed with appropriate indicators and technology, it could lead to a failed attempt by the financial entity they intend to develop”, he concluded.
Other possible potential users
Although there are no further details in this regard, the Banco de la Nación would also be able to give loans to students from armed institutes (FAP or PNP), who receive subsidies that would serve to repay the loans.
In addition, it could grant productive financing, such as seed capital, to the beneficiaries of state social programs such as Together, Pension 65, With You, among others. Which would be paid from the bimonthly or monthly subsidy they receive through the same bank.
And finally, it would also apply for factoring for State suppliers that have accounts in the Banco de la Nación.
Changes. The Banco de la Nación was authorized to request from Fonafe an increase in its capital periodically, with a maximum limit of the average of their net profits.