Brazil's Central Bank decreed the liquidation of Will Bank, the digital arm of the Master group, on Wednesday (21) after it failed to meet commitments with the Mastercard network. The move raises costs for the Credit Guarantor Fund (FGC) to around R$ 50 billion, the fund's largest ever. Customers report difficulties accessing funds and paying bills, as STF investigations into bank frauds face ongoing pressure.
Brazil's Central Bank (BC) decreed the liquidation of Will Bank on January 21, 2026, ending hopes of selling the institution, which had been under special administration since November 2025. The digital bank, acquired by the Master group in 2024 and serving 9 million customers, failed to meet obligations in the credit card chain, prompting Mastercard to execute guarantees. This leads to R$ 6.5 billion in CDBs to be covered by the FGC, pushing total Master case losses to up to R$ 50 billion, surpassing previous records.
Customers like freelancer Izabel Pierini, with R$ 1,500 blocked, and influencer Rodolfo Lima report inability to withdraw funds, make Pix transfers, or pay bills, including salaries and savings. The bank's app only shows credit card invoice info without history, sparking complaints on Reclame Aqui and social media. The FGC estimates R$ 6.3 billion to cover Will Bank deposits up to R$ 250,000 per customer, with payments starting January 19 for 150,000 investors, but no fixed legal deadline – just an estimated two business days.
On the regulatory front, CVM interim president João Accioly supports sharing fund oversight with the BC, with the BC handling prudential aspects and CVM focusing on frauds, in response to Master irregularities. Accioly criticized CVM commitment terms that closed cases for R$ 6 million involving Master targets.
The scandal impacts pension funds from 18 states and municipalities, with R$ 1.8 billion invested without guarantees, and the BRB, which injected funds into Master. At the STF, justices advocate sending the inquiry to first instance as a 'honorable exit' for Dias Toffoli, amid criticism for excessive secrecy, a jet trip with a case-linked lawyer, and family ties to Master funds. Toffoli resists, citing leak risks and no legal impediment. Operation Compliance Zero, launched January 14, probes frauds by Master owner Daniel Vorcaro, with no evidence against deputy João Bacelar.
