Nacional Financiera

NAFIN is a second-tier development bank owned by the Mexican federal government. It does not take retail deposits or compete with commercial banks; instead, it discounts and guarantees loans that private banks originate to micro, small, and medium enterprises. Its mandate is set by public policy — currently focused on industrial integration, green energy, and financial inclusion — and its balance sheet is backed by federal guarantees and multilateral credit lines from institutions including the World Bank and the IDB.

NAFINet is NAFIN's digital factoring platform, which allows small and medium suppliers to sell their receivables from large corporate and government buyers at competitive discount rates. It has become one of the largest public-sector supply-chain finance programs in Latin America, extending working capital to thousands of MSMEs that might otherwise lack access to affordable credit. The platform has been central to NAFIN's record deployment volumes in recent years.

Yes. NAFIN is an accredited direct-access entity of the Green Climate Fund (GCF), meaning it can deploy GCF concessional capital alongside its own resources without going through an intermediary. It channels these funds into energy-efficiency upgrades, renewable-energy adoption, and other climate-mitigation projects for Mexican businesses. In May 2025, NAFIN and Bancomext together launched a MXN 40 billion facility specifically for sustainable finance in Mexico's south and southeast.

NAFIN operates under the oversight of the SHCP and works alongside Bancomext (export-import credit), Banobras (subnational infrastructure), and SHF (housing finance) as part of Mexico's banca de desarrollo. NAFIN and Bancomext frequently structure joint facilities — such as the May 2025 sustainable-finance facility — and share back-office and risk systems. NAFIN's London branch also provides trade-finance and international syndication support for both institutions.

While NAFIN's primary instruments are credit and guarantees, it has historically held equity stakes in industrial and infrastructure projects as part of national development policy. It also maintains a portfolio of adjudicated assets and manages cultural collections, including the Colección de Arte NAFIN. However, direct equity investing is not its core operational posture, which remains credit intermediation through the commercial banking system.