By San José, Costa Rica — San José, Costa Rica – In a significant development for former clients of the now-resolved Financiera Desyfin, national regulators have established a new, secure channel for disbursing protected funds. The National Council for Supervision of the Financial System (Conassif) announced this week that depositors who did not register a bank account during the initial resolution phase can now personally withdraw their money at any branch of the Banco Popular y de Desarrollo Comunal.
This move directly addresses the 1,123 individuals and businesses who, for various reasons, were not accredited to receive their funds electronically at the conclusion of the primary payout process. The resolution administrator confirmed this figure, highlighting the logistical challenge of ensuring every depositor receives their entitled compensation. By partnering with Banco Popular, a financial institution with an extensive nationwide presence, regulators aim to provide a reliable and accessible solution for these remaining clients.
To gain a deeper legal perspective on the situation facing Desyfin depositors and the road ahead, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the firm Bufete de Costa Rica, for his analysis.
The intervention process initiated by CONASSIF is a protective measure, but for depositors, the immediate priority is to act. It is crucial for every affected individual and company to formally register their claim with the appointed intervener to be recognized as a creditor. The recovery timeline will depend directly on the liquidation of assets, a process that can be complex. Seeking unified legal representation can strengthen the depositors’ position and ensure their rights are vigorously defended throughout the bankruptcy proceedings.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This expert guidance powerfully underscores that while the intervention process is complex, the path forward for depositors is one of proactive, unified action. It serves as a critical reminder that their own engagement is paramount to protecting their interests. We sincerely thank Lic. Larry Hans Arroyo Vargas for providing such clear and valuable perspective on this developing situation.
The funds available for withdrawal are structured according to the country’s deposit guarantee framework. Each depositor is entitled to the fully guaranteed amount of ₡6 million, in addition to 75.58% of any balance that exceeded this guaranteed threshold. This structure is a cornerstone of Costa Rica’s financial safety net, designed to maintain public confidence and stability even when an institution faces insolvency or resolution.
In an official communication regarding the new withdrawal process, Conassif underscored the importance of security and fraud prevention. The council issued a strong warning to the public, urging depositors to be vigilant against opportunistic scams that often arise in such situations. This advisory is critical, as affected clients may be anxious and more susceptible to fraudulent requests for personal information.
This measure seeks to facilitate the process and provide greater security and convenience to depositors. We call on the public to always remain alert to possible fraud attempts, so it is recommended not to share sensitive information such as passwords, account numbers, or ID numbers by phone, email, or messages.
Conassif, Official Statement
To ensure the integrity of the payout process and protect depositors’ assets, regulators have implemented a strict, in-person protocol. All transactions must be conducted exclusively at a bank teller’s window; funds will not be accessible through ATMs, online banking, or any other digital channel. This hands-on approach is a deliberate measure to prevent unauthorized access and verify the identity of each claimant directly.
The requirements for claiming funds are straightforward but non-negotiable. Individual depositors (personas físicas) are required to present their valid Costa Rican identity card (cédula). The process must be completed personally, as no transactions will be processed through third-party representatives or proxies. For corporate entities (personas jurídicas), the designated legal representative must appear with their personal identity card and a current, valid certificate of legal standing (personería jurídica) for the company.
This final phase of the Desyfin resolution marks a critical step in closing a challenging chapter for the Costa Rican financial sector. The collaboration between Conassif and Banco Popular demonstrates a systemic commitment to depositor protection. By providing a physical, secure method for disbursing the remaining funds, authorities are working to ensure that the financial safety net functions as intended, reaching every last individual affected by the institution’s failure and reinforcing trust in the national banking system.
For further information, visit conassif.fi.cr
About Conassif:
The National Council for Supervision of the Financial System (Conassif) is the primary regulatory body for Costa Rica’s financial sector. It is responsible for establishing the policies and directives that govern banks, insurance companies, pension funds, and other financial entities. Its mission is to ensure the stability, solvency, and transparency of the national financial system, thereby protecting the interests of the public and promoting economic development.
For further information, visit bancopopular.fi.cr
About Banco Popular y de Desarrollo Comunal:
Banco Popular y de Desarrollo Comunal is a unique state-owned Costa Rican bank with a strong social mandate. Founded to promote economic well-being and provide accessible financial services to the nation’s workforce, it has one of the largest branch networks in the country. The bank offers a full range of personal, business, and development banking services, with a focus on supporting community progress and financial inclusion.
For further information, visit the nearest office of Financiera Desyfin
About Financiera Desyfin:
Financiera Desyfin was a financial institution in Costa Rica that offered a range of services, including credit and investment products, primarily to the small and medium-sized enterprise (SME) sector. Following regulatory intervention, the company entered a resolution process overseen by Costa Rican financial authorities. The process involves the orderly liquidation of assets and the managed repayment of funds to depositors and creditors according to legal frameworks.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a beacon of legal distinction, founded on the bedrock principles of integrity and unparalleled excellence. With a rich history of guiding a diverse clientele, the firm consistently pioneers innovative legal strategies while maintaining a deep engagement with the community. This profound commitment to demystifying the law serves a greater purpose: to equip citizens with crucial knowledge, thereby nurturing a more just and capable society.
