- Nu Mexico receives banking license approval, making it the first SOFIPO to transition into a bank.
- This milestone aims to increase competition and financial inclusion in the Mexican market.
- Nu Mexico plans to expand its product offerings and enhance savings and credit access.
Nu Mexico, the Mexican arm of Nubank, has received approval for its banking license from the National Banking and Securities Commission (CNBV). This significant step makes Nu Mexico the first Popular Financial Society (SOFIPO) to transition into a bank, setting the stage for increased competition within Mexico's heavily concentrated banking sector.
The approval enables Nu Mexico to broaden its product portfolio, with plans to introduce a payroll account aimed at enhancing financial inclusion. Currently, only 36% of adults in Mexico have a payroll account, with 90% of these accounts held by just four banks, according to the National Financial Inclusion Survey of 2024.
David Velez, CEO and founder of Nubank, emphasized the importance of Mexico as a crucial component of the company’s global strategy, highlighting Nu's investment of over $1.4 billion in the Mexican market. The transformation from a SOFIPO to a bank positions Nu to drive innovation and elevate standards in the local financial sector.
In preparation for the transition, Nu Mexico will undergo a detailed regulatory audit. During this period, customers will continue to receive the seamless service they are accustomed to. Once operational as a bank, Nu Mexico intends to increase deposit limits and introduce a payroll account, while also enhancing deposit insurance coverage through the Institute for the Protection of Bank Savings (IPAB).
Nu Mexico, which commenced its journey in 2019, and by the fourth quarter of 2024, had accumulated a customer base of over 10 million and USD $4.5 billion in deposits, remains committed to fostering financial accessibility. As part of its expansion, Nu Mexico offers products such as a no-fee credit card, a debit account (Cuenta Nu), and additional features like Cajitas Turbo and loans, catering to diverse financial needs.
Through its 100% digital model, Nu Mexico has reached 98% of the country’s municipalities, significantly contributing to financial inclusion by providing many customers with their first credit card.
The transformation into a bank is a pivotal step in Nu Mexico's mission to accelerate financial inclusion and competition in Mexico, aligning with Nubank’s goal to simplify financial services and empower users.
