Breaking the Cycle of Informal Savings

Over half of Mexicans continue to save informally, according to the latest National Survey of Financial Inclusion (ENIF, 2021). This mechanism is void of legal safeguards against theft, inflation and other risks. Privy to the public need for a formal savings financial service in Mexico, Brazilian fintech company Nu has launched Cuenta Nu, an intuitive savings tool that comes with no minimum balances, commissions or maintenance costs, as announced by the company.

“Today, the public launch of Cuenta Nu marks a milestone in the history of Nu México. We are not only launching a very strategic product for our operation in the country, but also taking a very important step toward our mission to free all of Mexico from financial complexity to return control of their money to people and contribute to inclusion in Mexico,” says Ivan Canales, General Director, Nu Mexico. 

While the proportion of adults who save formally has increased slightly, according to BBVA Research, the majority of savers in Mexico continue to rely on informal mechanisms. This sustained practice has important consequences for savers' financial wellness, credit access and the country’s economic recovery through its inherent lack of safeguards. The persistence of this problem indicates that the traditional banking sector had failed to produce the necessary incentives to foment formal savings in Mexico. 

Cuenta Nu aims to disrupt this trend with more than just a savings account and debit card to promote financial inclusion. It offers a unique combination of high yields and convenience that can help users grow their money while keeping it accessible 24/7. One of the most notable advantages of Cuenta Nu is that it comes with no minimum balances, commissions or maintenance costs, making it an affordable option for all. Additionally, its Nu Account Boxes feature enables users to save for specific goals or expenses within the same account, giving them greater control over their finances. 

In essence, this tool is not only for people who already have financial knowledge and savings habits but also for those who struggle with self-control or financial organization. By offering a simple, intuitive and easy-to-use product, Nu is contributing to the democratization of finance and empowering more people to build a secure and prosperous future.