Mexico City /
With the aim of increasing workers’ access to affordable and beneficial credit, the Confederation of National Chambers of Commerce, Services and Tourism (Concanaco Servytur) and the Institute of the National Fund for Workers’ Consumption (Fonacot) signed a dissemination agreement.
In light of this, Octavio de la Torre de Stéffano, president of Confederación, indicated that this alliance will facilitate access to financial resources for employees in the commerce, services and tourism sectors, since according to the National Survey of Financial Inclusion, 77 percent of Mexicans do not request formal loans.
“Working together with Fonacot is key to offering solutions that benefit our workers and their families, ensuring that they have access to financing that promotes their well-being,” said De la Torre.
He added that only 32 percent of the Mexican adult population has access to formal credit and part of the barriers are distributed between fear of banks and the imaginability bias in the use of credit.
Furthermore, according to a study by the Center for Economic Research and Teaching (CIDE), Mexicans associate credit with the generation of unfounded fears about the loss of their decision-making capacity, financial stress and difficulty in management.
On the other hand, Salvador Gazca Herrera, general commercial coordinator of the Fund, stressed that these agreements will allow more workers to know the advantages of accessing credits that are offered at competitive rates and with a simple and free procedure.
“We want all workers to feel supported and know that they have financing options that do not compromise their financial well-being,” said Gazca.
In light of this, he reported that since the beginning of 2024, the National Fund has granted more than 1.3 million loans, totaling more than 37 billion pesos.
“These figures reflect the positive impact on the economy of many families, allowing them to pay less and receive more through Fonacot credit,” Gazca concluded.
LP
