The Worker Credit Program, implemented by the Federal Government, expands the celetist’s access to private payroll loans, for allowing him to access this type of loan through the digital work card. The movement opens the gate so that financial institutions act in this modality, which still has reduced volumes and has great concentration in a few financial institutions. One of them is Santander Brazil (), with a slice of 30% of this segment.
These loans moved R $ 39.7 billion in Brazil in 2024, incipient number compared to the INSS payroll, of R $ 270.8 billion. The CEO Institution, Mario Leão, points out that Santander was already growing in private consignment even before the changes announced by the government.
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“We are leaders in private consignment these days, but we do not see as a threat the new credit to the worker. We see as a low opportunity. The amplification of access is very relevant, even for us, who are already incumbent. It is a market of $ 40 billion that can, quietly, reach $ 200 billion, $ 300 billion,” Leão said, in a press conference about the results of the bank in the bank in.
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The executive says that the action of the government was “absolutely correct” and should be “applauded”, although, at some point, has reflections on inflation. “The government wants the migration of the without guarantee credits to the payroll loans to those who have space. And this is important to avoid the ‘overdiving’ of families,” says Leão.
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In the last quarters, Santander Brazil “took its foot” from the inss payroll loans because it understands that the spreads were incompatible with the portfolio management discipline.
“The interest curve has risen much more than the ceiling. In fact, the ceiling has fallen for political reasons and the medium -term rate to borrow money to lend the retired,” Leo explains. “It’s not a prejudice with the product. If the ceiling goes up more material, we will obviously do more inSS, we are open to it.”
