The Financial Espresso "Desenrola Adimplentes; FGTS as collateral for..."

Research evidence excerpt

The Financial Espresso "Desenrola Adimplentes; FGTS as collateral for..."

Global Research

30 June 2026ab

The Financial Espresso Equities

Latin AmericaDesenrola Adimplentes; FGTS as collateral for

private payroll loans; Electronic trade Financial

receivables launch; B3; Insurance KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

Government launches new refinance program, 'Desenrola Adimplentes' Thiago Batista, CFA

Analyst

Through a Provisional Measure, the government launched a new refinance program thiago.batista@ubs.com

'Desenrola Adimplentes', aiming to reduce the financing costs of informal workers. +55-11-3513 6518

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

Camila Azevedo

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

Associate Analyst

performing or with no more than 90 days overdue. Further, similar to the previous camila.azevedo@ubs.com

program (Novo Desenrola), there is a temporary limitation (6 months) on making +55-11-2767 6881

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

Bruno Kenji

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

represent R$ 158bn (April 2026). Our take: We do not see the banks as having a bruno.kenji@ubs.com

relevant incentive to focus on this program, especially for the performing clients; +55-11-2767 6056

however if portability gains traction it could pressure Nu and some newcomers (as

Beatriz Shinye

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 beatriz.shinye@ubs.com

loans) and according to the government, it should achieve 200-500 thousand +55-11-2767 6569

individuals.