Following this announcement, Nu Mexico will continue to operate as a SOFIPO during its transformation process, aiming to provide a secure and efficient user experience ahead of beginning operations as a bank.
In addition, the licence marks an important step for Nu in order to increase competition in the highly concentrated Mexican banking landscape. It is expected to also bring the company closer to expanding its product portfolio, including the introduction of a payroll account, which represents a key opportunity to increase financial inclusion in Mexico.
According to officials of the company, Mexico represents a key pillar of its global strategy, as it has already made significant progress in terms of growth. Nu Bank also focuses on its plan to accelerate further development and competition in the region of Mexico. In order to complete its development as a bank, Nu Mexico is expected to undergo a rigorous regulatory audit ahead of obtaining authorisation to begin its operations. During this period, the company’s customers and clients will continue to have the opportunity to benefit from its suite of services and improved user experience as well.
In addition, Nu Bank is set to expand its expertise and services in the country by offering increased deposit limits and a payroll account, as well as multiplying deposit insurance coverage by 16 times through the use of the Institute for the Protection of Bank Savings (IPAB), once it begins banking operations. The company will also continue to work on strengthening its differentiated offering in order to meet the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
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