Brazilian Banks "New refinancing program (Desenrola Adimplentes): focus on..."

Research evidence excerpt

Brazilian Banks "New refinancing program (Desenrola Adimplentes): focus on..."

Global Research

29 June 2026ab

Brazilian Banks Equities

Latin AmericaNew refinancing program (Desenrola

Adimplentes): focus on performing consumer Banks

loans Thiago Batista,AnalystCFA

thiago.batista@ubs.com

+55-11-3513 6518

New refinancing program focused on informal workers Beatriz Shinye

Associate Analyst

Through a Provisional Measure, the government launched a new refinance program beatriz.shinye@ubs.com

'Desenrola Adimplentes', aiming to reduce the financing costs of informal workers. +55-11-2767 6569

The loans eligible are non-payroll consumer loans that do not exceed R$ 15k (about

US$ 2,890) with at least 4 instalments already paid. The loan needs to be

performing or with no more than 90 days overdue. Further, similar to the previous

program (Novo Desenrola), there is a temporary limitation (6 months) on making

bets by individuals who participate in the program. Note that total consumer loans

(non-payroll loans) to informal workers (non formal, retirees or civil servants)

represent R$ 158bn (April 2026). We don’t believe the banks will have a relevant

incentive to focus on this program, especially for the performing clients; however if

portability gains traction it could pressure Nu and some newcomers (as we don’t see

this segment as relevant for the main incumbents). Note however, that the scope of

this new program is relatively restricted (~3% of total household loans) and

according to the government, it should achieve 200-500 thousand individuals.

Cap of 1.99% per month for refinancing loans

After refinancing the new loans will be guaranteed by FGO (federal government

fund) that guarantees 100% of each loan limited to a combined amount of up to 50%

of the portfolio.