Question 1

What is Alfin Banco?

Accepted Answer

Alfin Banco is a commercial bank operating in Peru, formerly known as Banco Azteca del Perú. The bank specializes in providing financial services to young Peruvians and entrepreneurs, focusing on clients in the C and D socioeconomic segments.

Regulated by the Superintendencia de Banca, Seguros y AFP (SBS), Alfin Banco positions itself as more than a traditional bank, aiming to be an ecosystem of diverse financial solutions created for the needs of young people with entrepreneurial spirit. The bank has undergone significant transformation since 2020, including a complete change in ownership, strategic direction, and brand identity.

Question 2

When was Alfin Banco founded?

Accepted Answer

Alfin Banco was originally founded as Banco Azteca del Perú on September 3, 2007, and received authorization from the SBS to operate on January 24, 2008. The bank began operations on January 25, 2008, as a subsidiary of Grupo Elektra of Mexico.

In November 2020, Grupo Elektra sold all its shares to a group of Peruvian investors with recognized experience in the financial sector. The bank underwent a comprehensive transformation in 2021, officially changing its name from Banco Azteca del Perú to Alfin Banco in November 2021 following SBS authorization through Resolution No. 03054-2021.

This rebranding represented a complete strategic pivot, with new ownership implementing a patrimonial strengthening plan, digital transformation, and a new business model focused on banked clients with moderate and low risk profiles.

Question 3

Where is Alfin Banco headquartered?

Accepted Answer

Alfin Banco is headquartered in Lima, Peru, specifically at Av. El Derby 250, Piso 2, Santiago de Surco. This location in Lima's commercial district provides the bank with a strategic presence in Peru's financial capital.

The bank maintains its principal operations and executive offices in Lima while serving clients across Peru through various channels.

Question 4

Where does Alfin Banco operate?

Accepted Answer

Alfin Banco operates throughout Peru, serving customers in urban and suburban areas across the country. The bank maintains a network of branches and service points, with operations extending beyond Lima to serve various regions of Peru.

As of the transformation period, the bank previously operated approximately 120 offices nationwide, including standalone agencies and service points in retail locations. The current operational footprint focuses on strategic locations that serve the bank's target demographic of young entrepreneurs and banked clients.

Question 5

What services does Alfin Banco offer?

Accepted Answer

Alfin Banco offers a comprehensive range of banking products and services, including:

Deposit Products: Savings accounts (Ahorro Día a Día, Ahorro Meta), checking accounts (CTS accounts), and fixed-term deposits designed to help clients save and grow their money.

Credit Products: Personal loans, consumer credit, credit cards, debit cards, automotive loans, loans with vehicle guarantee, motorcycle loans, and home equity loans with competitive interest rates based on risk profiles.

Digital Banking: Mobile banking app, online banking platform at alfinbanco.pe, digital token activation, and 100% cloud-based banking infrastructure. The bank became Peru's first 100% cloud-based bank in October 2021.

Insurance Products: Life insurance, credit insurance, family protection insurance, multiprotection coverage, and debt protection policies.

Payment Services: Plin integration, online payments, interbank transfers, bill payments, programmed payments, and currency exchange services.

Business Banking: Capital de trabajo (working capital), carta fianza (letters of guarantee), medium-term financing, syndicated credits, and escrow accounts for corporate clients.

The bank emphasizes digital innovation and accessibility, providing modern fintech-oriented services through advanced technology platforms.

Question 6

What makes Alfin Banco unique?

Accepted Answer

Alfin Banco stands out as Peru's first fully cloud-based bank, having completed its digital transformation in October 2021. This technological foundation enables the bank to offer agile, flexible, and innovative services with lower operational costs.

The bank has dramatically transformed its risk profile since the ownership change. Through data-driven lending decisions, the bank reduced default probability on new loans from 24.3% to 12.4% (a 49% improvement) and lowered active interest rates from 158% to 72%, well below the Central Bank's limit of 83.4%.

Alfin Banco positions itself as a fintech-oriented bank with a younger, more accessible brand identity. The institution successfully completed a patrimonial strengthening plan that raised S/79.6 million (approximately $20 million USD) between December 2020 and October 2021, exceeding its S/75 million goal.

The bank's transformation included changing its core banking system, implementing a comprehensive digital strategy, and shifting from serving primarily non-banked high-risk clients to banked clients with moderate and low risk profiles. By late 2021, approximately 70% of the loan portfolio consisted of banked clients with improved risk characteristics.

Question 7

What type of financial institution is Alfin Banco?

Accepted Answer

Alfin Banco is a Banco (Commercial Bank) regulated by the Superintendencia de Banca, Seguros y AFP (SBS) under Peru's General Law of the Financial System (Ley 26702).

As a commercial bank in Peru, it is authorized to accept deposits from the public, grant various types of credit, and provide a full range of banking services. The bank operates under comprehensive SBS supervision, which includes capital adequacy requirements, risk management standards, and consumer protection regulations. This regulatory framework ensures the bank maintains financial stability and operates in accordance with Peruvian banking laws.

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