This will Happen After the Closing of the Accendo Bank

After the withdrawal of the license to the Accendo bank, Rappi sent a request to cancel the contract with immediate effect and unilaterally.

After the authorities will withdraw the license from the Accendo bank, the Rappi platform assured that the institution represented a minimum participation in its operation, so it will only affect only 1.2% of users of its RappiPay debit card.

According to the company, once they were informed of the situation, they sent a request to cancel the contract with immediate effect and unilaterally.

“The impact is minimal, only 1.2% of active users in Mexico will not be able to use their RappiPay debit card for a short period of time. However, they will continue to have access to their physical and digital credit card, their funds through purchases in Rappi, interbank transfers, Rappicash, among others ”, he indicated.

Likewise, the company specified that since Tuesday it began direct communication with each of its clients to notify them of the process and the support that it will provide.

In this sense, Rappi assured that it has a solid fintech structure, which has been supported in Mexico and in the other countries of the region through national and international financial brands and the best institutional investors in the world.

Rappi said that they will continue to operate normally with the other suppliers, who were already involved in most of the operation, keeping the financial security of their clients and their levels of trust intact.

Meanwhile, Visa announced that they are working in collaboration with the actors of the payments ecosystem in order to jointly take the necessary measures in the face of this situation.

“It is our knowledge that the Bank of Mexico and the National Banking and Securities Commission (CNBV) announced on September 28, 2021, the revocation of the authorization of the license of Accendo Banco, SA, Institución de Banca Múltiple ( Accendo Banco) to operate as a multiple banking institution. We are working in collaboration with the actors of the payment ecosystem, jointly taking the necessary measures in the face of this situation, outside of Visa ”, he pointed out.

Two days ago, the authorities withdrew Accendo’s license, after the CNBV carried out supervisory actions between March and September that resulted in capital and liquidity defaults.

The integration of 642 million pesos was also detected as contributions for future capital increases that did not meet regulatory requirements, so they even had to be recognized as liabilities.

Likewise, it was found that there was an omission when discounting from the fundamental capital an amount of 370 million pesos associated with operations related to relevant parties, among other non-regulatory operations such as advance payments and intangible assets.

On September 22, Accendo Banco was required to make accounting adjustments for 1,013 million pesos; At that time, Banco de México calculated that its capitalization index at the end of August was lower than the regulatory limit, which is grounds for revocation of the authorization to operate as a bank.