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Every series in this report, society by society and quarter by quarter, since 2009. Each chart states its source and evidence level, and lets you download the data.

Data as of 2026-06

Back to the story

The sector at a glance

Customers
39,272,917
30,233,479 a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
Delinquency ratio (IMOR)
9.9%
10.27% a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
Consumer credit IMOR
11.24%
11.02% a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Own calculation
Implicit lending rate
45.47%
46.41% a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
Implicit funding cost
4.63%
11.86% a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
Return on equity (ROE)
2.74%
-32.74% a year earlier
As of: 2026-06
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official

What the media reported and what the CNBV reports

The article the figure came from

Reportan impago 1 de cada 4 en Sofipos
Charlene Domínguez / Agencia Reforma, 24 August 2026

The figure that spread in August 2026 comes from an article by Charlene Domínguez, distributed by Agencia Reforma on 24 August. This report consulted it in the syndicated Diario de Juárez version.

Read the original articleSource:Agencia ReformaReported by media

	A year earlier	Figure reported by media	Figure published by the CNBV
Sofipos, consumer creditConsumer credit IMOR	22.4%	25.41%	11.24%
StoriDelinquency ratio (IMOR)	23.21%	35.74%	12.63%
KlarDelinquency ratio (IMOR)	26.97%	31.53%	8.2%
Ku-BoDelinquency ratio (IMOR)	34.28%	52.73%	12.24%
Nu MéxicoDelinquency ratio (IMOR)	·	19.89%	6.59%
Commercial banks, total portfolio	·	4.71%	No official counterpart by society
Commercial banks, consumer credit	·	11.31%	No official counterpart by society

IMORA adds loans written off over the last twelve months; IMOR only measures what remains on the balance sheet. They are not interchangeable, and the CNBV does not publish IMORA by society.

Source:Agencia ReformaReported by media

One in four, but whose?

1 · What was reported
25.41%
Consumer credit IMORA, all 35 Sofipos together. It adds non-performing loans and loans already written off over the previous twelve months.
Source:Agencia ReformaReported by media
2 · The same thing, measured on the balance sheet
11.24%
Consumer credit IMOR, the same 35 Sofipos. Only the non-performing loans still recognised. The gap between this figure and the previous one is write-offs.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Own calculation

3 · Consumer credit IMOR, by distribution model

Here is who the headline actually describes. Digital Sofipos lend four out of every five pesos of the sector's consumer credit, and their delinquency is three times lower.

Group	Consumer IMOR	of the consumer portfolio
Digital10 societies · 79% of the consumer portfolio	7.96%
Traditional19 societies · 19% of the consumer portfolio	24.99%
Mixed1 society · 1% of the consumer portfolio	5.72%

Source:Comisión Nacional Bancaria y de Valores (CNBV)Own calculation

Mind the coincidence: the 24.99% for traditional Sofipos and the 25.41% that was reported look alike, but they are not the same measure. One is a group's IMOR, the other the whole sector's IMORA. That they nearly match is revealing, not equivalent. And it still cannot be claimed that digital Sofipos have a lower IMORA: the CNBV does not publish write-offs by society.

The map of popular savings and credit

Popular savings and credit sector

Both take public deposits, are supervised by the CNBV and share the same depositor protection limit. This is the sector this report analyses.

Sofipos

Sociedades Financieras Populares. For-profit companies.

39,272,917

customers

9.9%

IMOR

Governing law: Popular Savings and Credit Law
Supervisor: CNBV and Condusef
Deposit protection: Protection Fund, 25,000 UDIS
Entities in operation: 35
Total assets: 218.5 billion pesos
Share of GDP (Banxico): 0.6%

Within Sofipos: distribution model

Digital · 10 societies6.31%
Mixed · 1 society5.72%
Traditional · 19 societies24.82%

Own classification derived from the customers-per-branch data the CNBV publishes. It is not a legal figure and does not apply to Socaps or banks.

Source:Comisión Nacional Bancaria y de Valores (CNBV)Official

Socaps

Savings and credit cooperatives. Members are the owners.

10,072,072

members

4.35%

IMOR

Governing law: Law Regulating Savings and Credit Cooperatives
Supervisor: CNBV
Deposit protection: Deposit insurance, 25,000 UDIS
Entities in operation: 152
Total assets: 336.3 billion pesos
Share of GDP (Banxico): 0.9%

This report does not analyse Socaps. It uses them as a control comparison, because they share sector, supervisor, customer base and protection limit with Sofipos but do not run mass digital origination models. Only sector aggregates are shown for them, never society-level figures.

Source:Comisión Nacional Bancaria y de Valores (CNBV)Official

Commercial banking

Commercial banks. A different law and a different deposit insurance.

11.31%

reported consumer IMORA

Governing law: Credit Institutions Law
Supervisor: CNBV and Banco de México
Deposit protection: IPAB, 400,000 UDIS

The CNBV published its commercial banking statistical bulletin through December 2021 and then moved that information to interactive dashboards; the historical series file its own site links to returns an error. That is why this report builds no official commercial banking series and its delinquency figure is labelled as reported. What can be said with a source: Banco de México puts Sofipos at 0.6% of GDP and Socaps at 0.9%, and describes non-bank intermediaries as small relative to the financial system, even though they extend 28.5% of household credit.

Source:Agencia ReformaReported by media

Sector historical series

Metric:

Source:Comisión Nacional Bancaria y de Valores (CNBV)OfficialDownload CSV

View data as a table

Period	Value (count)
2009-09	1,395,084
2010-03	1,756,492
2010-06	1,787,013
2010-09	2,031,112
2010-12	2,116,711
2011-03	2,169,633
2011-06	2,245,529
2011-09	2,356,128
2011-12	2,348,043
2012-03	2,404,423
2012-06	2,445,211
2012-09	2,517,498
2012-12	2,621,591
2013-03	2,645,849
2013-06	2,700,282
2013-09	2,758,867
2013-12	2,743,054
2014-03	2,890,535
2014-06	2,932,803
2014-09	2,996,926
2014-12	2,900,641
2015-03	3,056,752
2015-06	3,175,594
2015-09	3,307,173
2015-12	3,395,249
2016-03	3,423,465
2016-06	3,475,437
2016-09	3,493,998
2016-12	3,558,971
2017-03	3,695,515
2017-09	3,842,849
2017-12	3,983,072
2018-03	3,706,143
2018-06	3,681,372
2018-09	3,861,866
2018-12	3,899,662
2020-03	4,946,365
2020-06	4,829,057
2020-09	4,655,616
2020-12	4,370,261
2021-03	4,780,345
2021-06	4,651,098
2021-09	5,056,616
2021-12	5,192,351
2022-03	4,847,982
2022-06	4,914,685
2022-09	5,345,857
2022-12	8,299,264
2023-03	9,247,961
2023-06	10,570,989
2023-09	11,377,175
2023-12	11,576,903
2024-03	15,462,335
2024-06	17,598,804
2024-09	22,145,688
2024-12	24,957,226
2025-03	25,269,283
2025-06	30,233,479
2025-09	32,091,886
2025-12	35,895,132
2026-03	32,256,996
2026-06	39,272,917

Lending rate against funding cost

Implicit lending rateImplicit funding costSpread

Source:Comisión Nacional Bancaria y de Valores (CNBV)OfficialSource:Comisión Nacional Bancaria y de Valores (CNBV)Official

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View data as a table

Period	Implicit lending rate (%)	Implicit funding cost (%)	Spread (%)
2023-12	43.37	9.92	33.45
2024-03	41.66	12.3	29.36
2024-06	43.16	13.16	30
2024-09	46.16	13.27	32.89
2024-12	44.02	12.33	31.69
2025-03	45.12	12.25	32.87
2025-06	46.41	11.86	34.56
2025-09	46.88	11.17	35.7
2025-12	46.42	6.1	40.31
2026-03	45.96	9.42	36.54
2026-06	45.47	4.63	40.84

Risk map: price against delinquency

DigitalMixedTraditionalSource:Comisión Nacional Bancaria y de Valores (CNBV)Official

Each bubble is a society; size is its portfolio. Below the diagonal the rate covers recognised delinquency; above it, it does not.

Digital Sofipos against traditional ones

June 2026 delinquency ratio, weighted by each society's portfolio within its group. The classification is not assigned by brand: it is derived from the customers-per-branch figures the CNBV publishes, and the rule is in the methodology.

Source:Comisión Nacional Bancaria y de Valores (CNBV)Own calculationDownload CSV

View data as a table

Traditional (19 societies)	24.82
Digital (10 societies)	6.31
Mixed (1 society)	5.72

Society explorer

Filter by model

Indicators by society for the latest available cut
	Model
Nu Méxicoformerly: Akala; Nu México Financiera	Digital	15,772,139	35,686,210	6.59	6.59	48.5	41.9	137
Storiformerly: MASCAJA; Savvi Financieros	Digital	7,553,345	9,926,676	12.63	12.63	75.3	52.4	114
Klarformerly: Servicios Financieros Alternativos; Sefia	Digital	5,428,732	8,407,648	8.20	8.52	55.0	38.1	127
Sofiexpressformerly: J.P. SOFIEXPRESS; JP Sofiexpress	Digital	4,964,374	0	0.00	n/a	18.9	12.9	n/a
Libertadformerly: Libertad Servicios Financieros	Traditional	2,430,756	8,326,312	46.80	41.04	42.2	-11.2	76
Financiera Sustentableformerly: Financiera Sustentable de México	Digital	702,740	20,411,309	2.43	5.78	17.7	10.1	96
Fondeadoraformerly: Apoyo Múltiple; Fondea Technologies	Digital	528,776	720,084	3.02	69.54	25.9	19.8	127
Ku-Boformerly: Ku-Bo Financiero	Digital	449,483	644,502	12.24	12.89	49.9	33.4	82
Fincomúnformerly: Fincomún Servicios Financieros	Traditional	342,923	2,918,610	2.25	1.11	44.6	34.3	170
F Broxelformerly: Financiera Sofitab; Financiera Broxel	Digital	300,093	11,530	0.00	0.00	239.4	233.4	n/a
Crediclub	Digital	252,467	3,498,783	3.17	8.18	76.2	68.1	145
Progressaformerly: Caja Progressa	Traditional	202,300	980,591	7.23	6.98	57.6	41.7	173
Caja Bienestarformerly: Administradora de Caja Bienestar	Traditional	78,418	1,216,349	8.88	7.09	28.9	16.1	126
SAEformerly: Sociedad de Alternativas Económicas; Alternativas Económicas	Mixed	63,447	727,976	5.72	5.72	34.6	31.8	138
Monte de Piedadformerly: Sociedad de Ahorro y Crédito La Paz; Financiera Monte de Piedad	Traditional	61,499	1,929,191	12.46	12.93	54.8	42.4	118
Finsocialformerly: Financiera del Sector Social; Sector Social	Digital	34,304	18,428	2.82	2.82	65.3	60.8	305
Opciones Empresarialesformerly: Opciones Empresariales del Noreste	Traditional	33,311	1,342,888	7.32	2.41	45.1	34.3	104
Credicapitalformerly: Solución ASEA; Asea	Traditional	22,372	265,495	6.94	12.63	77.8	70.8	92
Unagra	Traditional	19,805	740,713	4.54	0.85	18.2	10.7	108
Tamazulaformerly: Financiera Tamazula	Traditional	13,357	279,045	11.73	2.01	17.3	1.1	63
Súmateformerly: Financiera Súmate	Traditional	6,194	114,509	10.34	5.90	72.2	61.9	111
Paso Seguroformerly: Paso Seguro Creando Futuro	Traditional	6,176	60,080	3.54	3.75	34.9	31.3	118
Uneteformerly: Únete Financiera de Allende	Traditional	2,036	62,299	8.24	3.30	16.2	11.2	79
Operaciones de tu Lado	Traditional	1,161	254,619	6.36	9.21	19.9	13.5	25
Trafalgar	Traditional	810	18,403	0.00	n/a	n/a	n/a	n/a
Capital Activo	Traditional	652	453,605	35.17	6.75	28.6	-17.8	43
Premoformerly: Préstamo Empresarial Oportuno	Traditional	575	512,566	14.93	11.40	20.9	1.8	77
Ictineoformerly: Tepadi; Ictineo Plataforma	Traditional	448	0	0.00	n/a	0.0	0.0	n/a
Porvenirformerly: SFP Porvenir	Traditional	184	1,395	0.00	0.00	65.9	n/a	n/a
Grensaformerly: Grupo Regional de Negocios	Traditional	40	10,194	4.82	n/a	20.4	15.6	137
Finamigoformerly: Financiera Mexicana para el Desarrollo Rural; Desarrollo Rural	Unclassified	n/a	565,172	1.60	1.85	108.6	95.8	284
Multiplicaformerly: Multiplica México	Unclassified	n/a	239,762	19.99	8.34	29.7	13.3	52
Financiera Másformerly: T Agiliza	Unclassified	n/a	10,098	16.28	16.28	63.0	41.4	112
Impulsoformerly: Impulso para el Desarrollo de México	Unclassified	n/a	553	33.48	n/a	n/a	n/a	101

Reserve coverage

Source:Comisión Nacional Bancaria y de Valores (CNBV)OfficialDownload CSV

View data as a table

Caja Bienestar	103.98
Unagra	103.2
Libertad	100
Fincomún	100
Tamazula	100
Monte de Piedad	100
Klar	100
Credicapital	100
Capital Activo	100
Fondeadora	100
Crediclub	100
Premo	100

Sofipos against Socaps

SofiposSocaps

Source:Comisión Nacional Bancaria y de Valores (CNBV)OfficialSource:Comisión Nacional Bancaria y de Valores (CNBV)Official

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View data as a table

Period	Sofipos (%)	Socaps (%)
2009-09	11.52	9.62
2009-12	11.75	No data for this cut.
2010-03	11.45	7.31
2010-06	11.18	7.23
2010-09	10.79	7.31
2010-12	10.26	7.14
2011-03	10.66	7.29
2011-06	11.19	7.79
2011-09	10.42	8.22
2011-12	9.6	6.21
2012-03	9.29	7.18
2012-06	10.66	7.46
2012-09	10.82	6.86
2012-12	8.66	6
2013-03	10.04	6.14
2013-06	8.83	6.43
2013-09	10.62	6.44
2013-12	7.38	6.11
2014-03	8.39	6.24
2014-06	8.01	6.07
2014-09	8	6.02
2014-12	9.81	5.77
2015-03	9.63	5.89
2015-06	9.71	5.86
2015-09	8.68	5.68
2015-12	8.5	5.21
2016-03	8.89	5.26
2016-06	9.14	5.15
2016-09	9.7	4.92
2016-12	9.84	4.39
2017-03	10.8	4.43
2017-06	No data for this cut.	4.43
2017-09	10.24	4.44
2017-12	10.32	4.3
2018-03	11	4.36
2018-06	10.32	4.43
2018-09	9.67	4.42
2018-12	9.2	4.3
2019-03	No data for this cut.	4.39
2019-06	No data for this cut.	4.44
2019-09	No data for this cut.	4.51
2019-12	No data for this cut.	4.26
2020-03	13.36	4.52
2020-06	13.27	4.79
2020-09	12.56	4.65
2020-12	9.3	4.83
2021-03	9.45	5.55
2021-06	9.75	5.36
2021-09	9.41	5.22
2021-12	9.03	4.59
2022-03	10.21	4.73
2022-06	10.93	4.51
2022-09	9.43	4.3
2022-12	9.74	3.97
2023-03	9.68	3.97
2023-06	9.91	3.92
2023-09	9.85	4.25
2023-12	9.81	4.25
2024-03	9.12	4.39
2024-06	9.29	4.41
2024-09	9.4	4.3
2024-12	9.77	4.05
2025-03	10	4.24
2025-06	10.27	4.21
2025-09	9.91	4.23
2025-12	9.91	4.05
2026-03	9.18	4.28
2026-06	9.9	4.35

Sector exits and regulatory changes

September 19, 2025Licence revoked
CAME: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
December 16, 2024Licence revoked
Auxi: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
July 7, 2023Licence revoked
Popular Nacional: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
January 17, 2023Licence revoked
Sierra Gorda: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
October 31, 2022Merger
Te Creemos: merged
Ceased operating as an independent society after merging.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
September 14, 2022Licence revoked
Planfía: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official
June 24, 2022Licence revoked
COFIA: licence revoked
The CNBV revoked its licence to operate as a Sofipo.
Source:Comisión Nacional Bancaria y de Valores (CNBV)Official

What to watch at the next cut

Five signals with today's value. The CNBV publishes the next bulletin in three months, so anyone can check for themselves whether they moved.

40.8pts
Sector spread
It is the cushion everything comes out of. Today there are 40.8 points between what is charged and what is paid, against delinquency of 9.9%. If the spread narrows faster than delinquency, the margin stops absorbing a bad year.
24.82%
Traditional Sofipos IMOR
They already charge less than they fail to collect. What decides whether the problem stays bounded is not this level but whether their book grows or shrinks: a shrinking group stops mattering, a growing one stops being bounded.
111.77%
Reserves booked over required
One hundred percent is the regulatory minimum, not a target. Below it there is a shortfall; exactly at one hundred there is no cushion. Several societies book precisely what is required, and nobody over-reserves by accident.
4.63%
Implicit funding cost
It fell from 11.86% to 4.63% in a year and it is what returned the sector to profit, with ROE going from -32.74% to 2.74%. A reversal eats the bottom line before any other variable.
35
Societies in operation
Six revocations since 2022 and one merger. Each exit concentrates the sector in fewer hands, and it already has 85.9% of its customers in four societies.

Source:Comisión Nacional Bancaria y de Valores (CNBV)Own calculation

The values are official; the reading of why each matters is this report's.

Findings

Data as of 2026-06

The headline indicator is not what the CNBV measures by society
Sofipos' consumer credit IMOR is 11.24% in June 2026. The 25.41% figure the media reported from 24 August 2026 is the write-off adjusted index, which the CNBV does not break down by society. In that same segment, traditional Sofipos stand at 24.99% and digital ones at 7.96%.
Own calculation
Deterioration sits with traditional Sofipos, not digital ones
On the total loan book, weighted IMOR of 6.31% at digital Sofipos against 24.82% at traditional Sofipos. On consumer credit, 7.96% against 24.99%. Same customer base, same regulatory framework.
Own calculation
Nine times more customers with no break in delinquency
From 4,370,261 customers in December 2020 to 39,272,917 in June 2026, with sector IMOR moving from 9.3% to 9.9%.
Official
Banco de México reaches the same conclusion
Its June 2026 Financial Stability Report separates digital from non-digital Sofipos and notes that delinquency fell at the former while it rose at the latter. A different cut-off, a different methodology, the same reading.
Official
The spread explains more than the delinquency level
The sector charges 45.47% and pays 4.63%. Societies whose rate does not cover their own delinquency are the ones consuming themselves, regardless of size.
Own calculation
Fintechs entered by buying licences, not obtaining them
The CNBV itself documents the name change on the same society key: Klar over SEFIA, Nu Mexico over Akala, Stori over Mascaja and then Savvi, Fondeadora over Apoyo Multiple.
Official
The sector expels participants regularly
Six licence revocations and one merger recorded since 2022, the latest in September 2025 on a society with more than a million customers.
Official