In Nicaragua, the license of CrediFactor S.A. to offer securities to the public was revoked due to the difficulties the company is facing in paying for the securities.
The executive president of CrediFactor, Mauricio Pierson Stadthagen explained to Elnuevodiario.com.ni that "... The country's situation decelerated the rate of recovery of the portfolio they had been recording, which was funded with the issuance of bonds in which individuals invested. The factoring company did not take deposits from the public."
In the last ten years the resources of the Deposit Guarantee Fund (Fogade) have increased, allowing it to currently cover 99.4% of depositors belonging to member institutions.
Within the Financial System, Fogade is the institution that ultimately provides guarantees for savers in the event of closures or bankruptcy by financial institutions.
Rolando Sevilla, president of the board of Fogade, told Laprensa.com.ni, "We closed the month of June (past) with assets of $105 million and expect to close 2012 with resources in the order of $109 million, growth of nine percent."
Through an agreement with the IDB's Multilateral Investment Fund (Fomin), the company Credifactor will offer factoring (selling invoices at a discount) services to small and medium sized enterprises.
The total cost of the project is approximately two million dollars, which will enable Credifactor to develop its capabilities, carry out training and expand its services across Nicaragua.
The Fitch report notes that the negative effects of the global crisis have intensified in Nicaragua.
Fitch Ratings – San Salvador/San José, September 24, 2009. The risks faced by microfinance institutions worldwide have aggravated over the past year. The lesser favorable economic conditions have deeply impacted the populational sectors in developing countries that have managed to overcome poverty and compose an important segment of microfinance institutions.
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