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Buenos Aires investigates fintech companies over consumer rights violations
The government of Buenos Aires province has launched an investigation into several fintech companies following a surge in consumer complaints. The Consumer Defense Directorate reported receiving 2,240 complaints in the first half of 2026, specifically targeting Mercado Pago, Naranja Digital, Ualá, Personal Pay, Brubank, and Cencosud for alleged violations of consumer protection laws, including harassment and lack of transparency regarding interest rates and total financial costs.
Governor Axel Kicillof and Production Minister Augusto Costa highlighted a growing debt crisis in Argentina. Statistics indicate that approximately 60% of the adult population is in debt, with roughly 6 million people in a state of default. Bank default rates have reportedly risen from 2.5% to 12.8% during the current administration, while delinquency rates for virtual wallet users have quadrupled.
If the investigation proves violations, the companies could face fines of up to 1,883 million pesos and may be required to reverse any actions that violated consumer rights. The provincial government is also seeking detailed reports from these firms to understand their interest rate determination criteria.
Entities
Augusto Costa · Axel Kicillof · Buenos Aires Province · Javier Milei · Justicialist Party · Mercado Pago · Province of Buenos Aires · Ualá
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] Consumer complaints regarding fintech companies rose from 393 in 2024 to over 2,240 in the first half of 2026. www.labrujula24.com
- [DISPUTED] The Consumer Defense Directorate received 2,240 complaints against fintech companies in the first half of the year. sintinta.com.ar · nuevospapeles.com · www.diariolonuestro.com.ar · semanarioactualidad.com.ar · www.labrujula24.com
- [● 4 SOURCES] Bank default rates increased from 2.5% to 12.8% during Javier Milei's administration. agendarweb.com.ar · newsonline.com.ar · www.diariolonuestro.com.ar · zetanoticias.com.ar
- [● 3 SOURCES] Default rates for users of virtual wallets have quadrupled. agendarweb.com.ar · newsonline.com.ar · www.diariolonuestro.com.ar
- [● 2 SOURCES] Proven violations by fintech companies could result in fines of up to 1,883 million pesos. sintinta.com.ar · nuevospapeles.com
- [● 5 SOURCES] The Buenos Aires provincial government has opened an investigation into fintech platforms for alleged consumer rights violations. agendarweb.com.ar · www.diariolonuestro.com.ar · sintinta.com.ar · nuevospapeles.com · semanarioactualidad.com.ar
- [● 9 SOURCES] Approximately 6 million people in Argentina are in a state of default. agendarweb.com.ar · www.diariolonuestro.com.ar · www.impulsobaires.com.ar · sintinta.com.ar · nuevospapeles.com · +4 more
- [● 4 SOURCES] The investigation targets companies including Mercado Pago, Naranja Digital, Ualá, Personal Pay, Brubank, and Cencosud. sintinta.com.ar · nuevospapeles.com · www.diariolonuestro.com.ar · semanarioactualidad.com.ar