Nu confirmed the launch and opened a waiting list for its most requested products: the Nu account, savings account and debit card. With only three years of operation in Mexico, Nu has quickly positioned itself as one of its most innovative players in the digital finance segment. Along with the launch, Nu Mexico announced changes in its leadership team, with Ivan Canales, who has been COO for almost four years, becoming General Manager.
“There is a great deal of room to grow in Mexico, which would result in a host of benefits. As people increasingly use formal financial products, they gain access to better ways to save, finance themselves and have more liquidity when they need it,” Emilio Gonzalez Nu’s Global Head of Unsecured Lending, told MBN.
With over 3 million plastic cards issued, Nu has become one of the largest issuers of new cards in Mexico. Nu Mexico will offer its new products through Sociedad Financiera Popular Nu Mexico Financiera. “We are very excited to announce the expansion of our product portfolio in Mexico so that we can continue to accompany our customers during all stages of their financial lives. The savings account is one of the most requested products by the more than 3 million people who are already part of Nu,” said Ivan Canales, CEO, Nu Mexico.
The Nu account will be 100 percent digital and offer Mexicans and Mexican-residents the opportunity to grow their money daily at a competitive annual rate, with no minimum balances or surprise fees. The savings account will provide immediate liquidity 24 hours a day, seven days a week. Opening and transfers to other accounts will be done entirely through the Nu Mexico application.
“Cuenta Nu will allow us to get to know better the people we have not been able to give a credit card to so far, as it will help us to have a more personalized risk model to offer them a credit option that fits their profile,” added Canales. The debit card will be available in both physical and virtual versions and will provide real-time notifications every time a purchase is made, giving customers greater flexibility, security and control of their money.
In Mexico, around 51 percent of adults have no formal savings product, a problem that Nu aims to address. “Cuenta Nu is another big step towards our goal of freeing millions of Mexicans from financial complexity and giving them back control of their money, reinforcing our long-term commitment to Mexico, the digital finance revolution and financial inclusion,” said Canales.