Procon in Mogi das Cruzes, in Greater São Paulo, announced that it has imposed a fine of R$14 million on Agibank over problems with loans and payroll cards.
As it turns out Capitalsthe bank was stopped by the National Social Security Institute (INSS) after an audit identified more than a thousand contracts signed after the death of contract pensioners, between 2023 and 2025.
The Federal Comptroller General (CGU) identified the irregularities and INSS sent the case for investigation by the Federal Police (PF).
Procon’s coordinator in the city of São Paulo, Alvaro Nicodemos, published a post on social media in which he stated that the bank had been the target of several complaints in the municipality.
He added: “There were many complaints about loans and salary cards, most of them from retirees and pensioners, in addition to non-compliance with notifications and poor resolution. The process is now moving to the Procon Foundation, where the bank will be able to present a defense.”
A meteoric rise in INSS
the Capitals He revealed that Agibank was one of the banks that achieved amazing growth in the past five years. The bank had 20,000 active loans in June 2021 and reached 409,000 in October of the same year.
Data were obtained through the INSS Access to Information Act. Between January 2020 and October 2025, the revenues of the 87 financial institutions licensed by the Institute to provide payroll loans doubled and reached R$466 billion.
When contacted, the bank stated that it was not aware of Procon fines “or any unresolved situation with customers in that city.” The institution said: “We were surprised that the supposed problem was published on social media even before the bank received any notification about it.”
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Sent with the dead
The bank is the target of an administrative process that could culminate in the termination of the technical cooperation agreement with INSS, which allows it to operate in the field of salary loans signed with social security beneficiaries.
Among the findings of the cash generation unit, there is a large number of contracts without the consent of the beneficiaries. The most dangerous of these concerned the dead. Only 1,192 contracts signed after the date of death were identified between 2023 and 2025.
Refinancing operations were also carried out at interest rates well below the ceiling of 1.85% per month. More than 33 thousand contracts were concluded with an interest rate of less than 1%, and 5.2 thousand contracts with an interest rate of less than 0.4 percent.
The suspicion is that amounts that do not agree with the market value were recorded so as not to attract the attention of the authorities and to make these contracts remain under the radar of controls on the regularity of these loans.
Charge explosion
Agibank has accumulated complaints in the judiciary regarding the possibility of inappropriate transfer of its retirement accounts to the bank.
In the area of salary loans, Agibank has received orders to compensate pensioners for non-accrued loan reductions. The rulings raised by the report show cases in which the bank did not provide the court with the minimum amount of evidence proving that a retiree used its services.
In recent months, the National Institute for Homeland Security suspended his contract due to these complaints. The bank ended up signing a behavior modification agreement in which it committed not to make portability more difficult for other institutions, and to be more transparent with policyholders. With the end of the investigation, the bank will be punished again.
Before becoming a bank, Agibank was called Agiplan and was a banking correspondent for businessman Marciano Testa from Rio Grande do Sul. In 2016, it took over the bankrupt Banco Girador, from Recife, and changed its name two years later. In 2019, it began offering salary loans, and in 2020, it signed a cooperation agreement with the National Social Security Institute to be able to offer the product to retirees.
What does Agibank say?
In a note sent to CapitalsAgibank stated that it became aware of the suspension without being notified in advance “or even given the opportunity to provide a defense and clarification.” The bank says it has requested access to the files from INSS, “so that it can conduct a detailed analysis of the observations provided by the municipality and the CGU.”
“The Foundation reiterates that all contracts follow strict security protocols, such as facial biometrics, document validation and data crossing on formal grounds.”
The bank says it is not aware of irregular recruitment processes, but if they are discovered, measures will be taken to clean up internal procedures, “as well as fully absorbing their impact, at no cost to clients or the National Social Security Institute, with full payment of the amounts involved.”
“Agibank reports that all operations and other services continue to operate normally, including payment of benefits and other services,” the note continues.