The current business scenario ended up breaking down several barriers, and now there are more customers who demand the online services of financial institutions, which are challenged to facilitate digital processes and in turn apply strict security standards.
In the last four months, in most Central American cities, bank clients have moved away from the bank's service points, because between the home quarantines decreed due to the spread of covid-19 and the preference to avoid attending places where large numbers of people can congregate, consumers are choosing to look for ways to carry out transactions digitally.
The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.
Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.
Financiera G&T Continental Costa Rica announced the sale of 100% of its shares to a group of Central American investors.
Precise the relevant fact published on June 19 by the Superintendencia General de Valores (Sugeval), which completes the purchase-sale of the "... shares of the entire capital stock of Financiera GT Continental Costa Rica S.A. by the company called 3-101-771084 S.A."
Almost three years after its approval, the Microfinance Law in Guatemala still does not have a regulation defining the way in which institutions dedicated to this activity should operate.
The Microfinance Law approved in May 2016, is still waiting for the regulations that will allow its full application. This situation prevents entities seeking to operate in this activity from registering with the Ministry of Economy, since there is no regulation determining how to do so.
Banco de Antigua has announced the acquisition of the microcredit portfolio of the G & T Continental entity, which will continue to focus on consumer and corporate areas.
G & T Continental Bank reported that the operation is due to a restructuring process to meet the new technological trends in the financial market.
Up to the third quarter of this year, microfinance institutions had granted $492 million in loans, 15% more than in the same period in 2016.
The microfinance sector has been growing steadily in recent years, after having experienced a crisis between 2008 and 2011 caused by 'NO PAGO' (NO PAYMENT) movement.
Figures from the Nicaraguan Association of Microfinance Institutions (Asomif) show that at the beginning of this year there were 26 organizations dedicated to granting microcredits, while at the end of September there were 28 companies registered.
In the last quarter of 2016, the total amount of transactions made through the network of banking agents grew by 26% compared to the same period in 2015, and the average amount per transaction increased from $99 to $118.
Data from theQuarterly Bulletin of Financial Inclusionby the Superintendency of Banks indicates that between September and December of last year, more than 7.8 million transactions were made, including deposits, withdrawals and credit payments made through the network of banking agents, 26% more than in the same period in the previous year.
From November 10 the law regulating the activity of micro financing comes into force and forces these types of companies to register with the Superintendency of Banks.
With the entry into force of Law 30 regulations governing issues related to liquidity, solvency and corporate governance will be published.
On October 3rd and 4th companies in Guatemala in the microfinance sector and other countries will meet to discuss the future of the sector and the new law.
The Chamber of Microfinancers in Guatemala will be holding the Second Congress on Microfinance in Guatemala, on October 3 and 4 2016, which will be held at the Intercontinental Real Hotel.
Regulations are being prepared for the entry into force of the microfinance law on November 10.
Liquidity, solvency and corporate governance are some of the aspects that govern the 30 regulations prepared by the Superintendency of Banks of Guatemala, for the entry into force of thelawin November.
Optimal Financial Services has acquired the financial operations of Finca El Salvador for $12 million.
With the purchase of Finca, the company Optima will be managing total assets of $40 million and a portfolio of 14,000 customers."...The operations of Finca will become part of Optima's portfolio of financial products and services, incorporating individual loans of up to $300, and express credit up to $1,000, within 24 hours for small business. "
The law regulates the establishment, licensing, merger, functioning, operations, services, suspension and liquidation of Savings and Loans Microfinance and Investment and Credit Microfinance.
From a statement issued by the Ministry of Trade:
Guatemala, April 13, 2016. The Congress approved on Tuesday 12 April Initiative 4791: Microfinance Institutions Act and Nonprofit Microfinance Entities , which correspond to Decree 25-2016.
A warning has been given that 44% of microfinance clients are overindebted and that a change is required in the regulation in order to reverse the situation.
A study prepared by Grupo Analítica, SA for the Network of Microfinance Institutions of Guatemala (Redimif) said that the main problem behind the high level of indebtedness is the poverty that affects most of the debtors, many of whom live in the poorest departments, such as Totonicapan, Suchitepequez, Quetzaltenango, Zacapa and Sacatepéquez.
The number of companies providing quick loans at high interest rates to people who are not eligible for credit in the financial system has increased.
The market segment that caters to people who are not eligible for credit in the formal financial system has grown in recent years. One example is Instacredit, whose loan portfolio balance has increased at a rate of 25% a year since 2010, according to Nacion.com.
Nearly three years after the crisis caused by the No Pago movement, the sector is growing at an annual rate of 12%, driven by traditional credit, micro-insurance, and health services.
The microfinance sector is beginning its gradual and cautious return to agriculture, the sector most affected by the No Payment Movement, and is taking risks in projects by small agritourism farms.
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