BCP regains leadership in microfinance with the acquisition of Edyficar and a new approach.

On September 8, 2023, the financial landscape in Peru underwent a significant change with the acquisition of Edyficar Financial Institution by the Bank of Credit of Peru (BCP). This purchase not only marks a milestone in BCP's history, as it regains its leadership in the microfinance segment, but also redefines competition in a critical sector for the national economy. Following this acquisition, BCP has increased its market share in microenterprise loans to 20.6%, surpassing Mibanco, which stands at 17.7%, demonstrating the strength of BCP's strategy to consolidate its position in the sector. The purchase of Edyficar adds a total of 228,743 new clients to BCP's portfolio in the microenterprise sector. This influx of clients not only expands the bank's database but also represents an opportunity to offer more competitive and accessible financial products for small and micro entrepreneurs who often face difficulties accessing traditional credit. In the coming six months, BCP is expected to implement a reduction in interest rates aimed at micro and small enterprises (mypes), which could have a positive impact on the local economy. The relevance of this news intensifies in a context where consumer confidence has reached its highest level in the past year. In April 2023, only 19% of respondents showed interest in purchasing a home, a percentage that has now risen to 51%. This shift in consumer perception suggests that, although the economy faces challenges, there is a glimmer of optimism regarding the economic situation in the coming months, both in Lima and in the provinces. However, the reality is complex. Despite the improvement in consumer confidence, 60% of Peruvians believe that the country is going through an economic crisis, reflecting a dichotomy between perception and reality. Furthermore, only 28% of citizens believe they have the capacity to save, indicating that the purchasing power of the population remains a sensitive and concerning issue. In this climate of uncertainty, the government has put forward a proposal for automatic enrollment in the National Pension Office (ONP). This initiative, driven by the Ministry of Economy and Finance (MEF), aims to have all citizens aged 18 and older who have not opted for any pension system be enrolled "by default" in the ONP. Although the idea contemplates the possibility of transferring between different pension systems, the lack of a recognition bonus has generated criticism and distrust among the population, which questions whether this measure will truly benefit future retirees. The proposal for automatic enrollment is not merely an administrative matter; it has profound implications for the financial planning of millions of Peruvians. The lack of clear incentives to choose a pension system could lead to the consolidation of the ONP as the only option for many, raising questions about the sustainability and quality of pensions in the future. Thus, September 8 emerges as a key date where decisions in the financial sector and government policies intertwine, potentially influencing the lives of citizens. The acquisition of Edyficar by BCP not only reveals new dynamics in the microcredit market but also highlights the need to create a more conducive environment for saving and investment in an uncertain economic context. The recovery of BCP's leadership in the microfinance sector could open new opportunities for small entrepreneurs, but it also serves as a reminder of the importance of regulation and oversight in a sector that, while vital, often remains outside the scope of public policies aimed at equitable development. In this way, the immediate future of the financial and pension systems in Peru will depend on how these initiatives are implemented and the government's ability to generate a climate of trust that allows citizens to plan their financial future with greater security. Undoubtedly, monitoring these developments will be crucial to understanding the direction the Peruvian economy will take in the coming months.