The outgoing president of the Mexican Banking Association (ABM), Julio Carranza, expressed his commitment to the acting president and highlighted that the banking proposal aims to reduce the informality affecting 63% of micro, small, and medium enterprises in Mexico. Despite dismissing a recession, Carranza mentioned that they expect a recovery by the end of the year.
In a dialogue with the banking community of the country, the president urged the sector to reduce interest rates and pointed out that, although there has been growth, access to credit remains a problem. Bankers requested the creation of a hedge fund to allocate more resources to SMEs.
Both the Secretary of Finance and the Governor of the Bank of Mexico echoed the importance of addressing this challenge by the banking sector. They highlighted that micro, small, and medium enterprises generate a significant part of employment in the country, but only a small proportion have access to bank financing.
An agreement was signed to increase financing for SMEs by 3.5% annually as part of the Mexico Plan, extending until 2030. It is expected that at least 30% of micro and small enterprises will have credit backed by development banking.
The president mentioned the imminent launch of the tender for the first 16 welfare centers, stating that more details regarding the regions that will benefit will be provided in the coming days. In her speech at the 88th Banking Convention in Nayarit, Sheinbaum advocated for more accessible credit for SMEs, promoting the Mexico Plan as a strategy to stimulate the economy in a volatile environment.
Both the president and financial authorities emphasized the importance of working together to close credit access gaps and achieve a more inclusive financial system in Mexico. The need to continue striving to ensure that financial technology benefits the majority of the population was emphasized.
