CONDUSEF alert! Identity theft detected at JUNTOS FINANCIERA; gap between digitalization and SME lending grows

The Mexican financial sector faces a dual challenge: combating fraud that affects users and advancing effective financial inclusion that boosts key segments of the economy, such as SMEs.

CONDUSEF has once again warned the public about fraud schemes, this time highlighting the impersonation of JUNTOS FINANCIERA, SAPI DE CV SOFOM ENR. These types of alerts are recurrent, indicating that cloning or misuse of names of financial institutions to deceive users is a persistent tactic used by fraudsters.

The constant recommendation is to verify the legitimacy of the entities and not provide personal or financial information through unsecured channels. This situation adds to other consumer concerns, such as the CONDUSEF warning about the lack of a "financial cushion" for many Mexicans, who turn to informal debt to cope with emergencies.

At the same time, during the recent 88th Banking Convention, held on May 8 and 9, the sector's progress and challenges were discussed. While the authorization of new 100% digital banks and an agreement between the government and the Mexican Banking Association (ABM) to boost lending to micro, small, and medium-sized enterprises (MSMEs) were highlighted, the figures show a complex reality.

• * Low Access to Credit: Although MSMEs generate 70.6% of employment in Mexico, only 4.4% of them have formal bank financing.
• * Digitalization vs. Real Inclusion: Although seven new institutions (brokerage firms and SOFIPOs) have applied to become banks, and Nu México has already received its banking license, questions have been raised about whether the simple adoption of digital payments automatically translates into a reduction in poverty or greater access to credit for the neediest. There is no conclusive evidence on this, as was presented at the convention.
• * Ambitious goal: The Government-ABM agreement seeks to increase the number of companies with bank credit by 3.5% annually, with the goal of achieving financing coverage of at least 30% of MSMEs by 2030.

These data reveal that, while technological infrastructure and the supply of digital financial services are expanding, significant structural barriers persist that limit access to formal credit for a vital sector of the Mexican economy.

Regulators such as CONDUSEF and the National Banking and Securities Commission (CNBV) face the challenge of overseeing an increasingly diverse system, which includes traditional banks, emerging digital players, SOFOMs, and a broad informal credit sector, all while protecting users from fraud.

It's important to note that bank branches in Mexico are operating normally on May 10th, Mother's Day, as it is not an official holiday for the sector.