The Financial Espresso: Acquirers & world cup; Worker‘s Credit data; IOF on pension; Crop plan; Digimais; Argentina & Colombia updates

Research evidence excerpt

The Financial Espresso: Acquirers & world cup; Worker‘s Credit data; IOF on pension; Crop plan; Digimais; Argentina & Colombia updates

CNN, one year following the introduction of the Workers Credit

program, data from Serasa Experian indicates significant growth in the segment,

with new contracts rising sharply from approximately 11,000 to over 25,000.

However, financial institutions have shifted to smaller loan amounts and shorter

repayment periods. The average loan value dropped by 73%, from R$ 8,600 to R$

2,300, while the average contract duration declined by 48% since the program's

inception. Additionally, the average number of financial institutions offering credit

per company increased from 4 to 21, highlighting intensified competition and a

broader distribution of credit across banks. Our take: We note that data from

BCB showed that total payroll loans were up 2.1% MoM with private payroll loans

origination reaching R$9.8bn in April vs R$10.9bn in March. Lastly, spreads in loan

origination were 22.6% in Apr-26 (+70bps MoM) - see full report here. Lastly, we flag

that the credit line might support credit life insurance, which continued to report

weak figures in April.

After IOF, open pension plans have a reduction in the pace of redemptions

According to Valor, following the implementation of the IOF on larger contributions

to VGBL plans, the pace of withdrawals slowed during the initial months of 2026.

This trend emerged after a sharp contraction in inflows during the second half of

2025. According to Ms. Ângela Assis, president of Brasilprev, the shift reflects a

growing understanding among participants that these funds are intended for long-

term purposes, and withdrawing incurs penalties that make it difficult to reinvest.