Digital Finance Firm Nu México Announces Launch of Cuenta Nu in Mexican Market

Nu México, a digital finance company, announces the launch of Cuenta Nu to the entire Mexican market, starting May 4, 2023.

Cuenta Nu reportedly “offers its clients 24/7 liquidity and one of the most competitive yield rates on the market, 9% per year, without the need for minimum balances or maintenance costs. Like all of Nu’s products, it is 100% digital, simple, and secure.”

The launch of a savings account is “a strategic step in Nu México’s plan to offer a complete portfolio of financial services products in the country, as it allows access to local deposits and unlocks more growth opportunities by expanding its customer base at an even faster pace.”

This product will also “allow Nu to better understand a larger customer base and thus improve its credit models, an important competitive advantage.”

Iván Canales, General Manager of Nu México, comments:

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

The rollout of Cuenta Nu was “carried out in phases.”

During the beta phase, more than 200,000 people “pre-tested the digital savings account, giving Nu feedback on its usability and functionalities.”

This is how “Cajitas” was born, “the Mexican version of Caxinhas.”

With Cajitas, as Caxinhas, customers can “separate money for better financial planning and saving, generating a 9% yield whole maintaining a 24/7 liquidity.”

Complementary adds “an extra layer of security.”

As of today, the entire Mexican public can “access this product at or through the Nu app, in a simple, fast, and 100% online process.”

Miguel Ludlow, Product Leader of Nu México, said:

“At Nu we have a clear obsession, our clients. That is why we co-created with them this savings account that continues to constantly evolve based on the feedback from our purple community. Cuenta Nu and its functionalities will continue to adapt more and more to the needs of Mexicans.”

In addition, Nu reportedly “launches its debit card to the entire Mexican market, which strengthens the company’s card portfolio.”

Like the Nu credit card, the debit is “accepted by more than 90 million merchants around the world.” With it, Cuenta Nu customers “will also be able to take cash out of supermarkets and ATMs.”

According to the National Survey of Financial Education (ENIF), “only 5 out of 10 people in Mexico have a formal savings account.”

The lack of penetration of formal savings products “gives rise to people in Mexico resorting to informal methods, which are less secure and which, furthermore, do not generate any type of return.”

In addition, “according to a survey carried out by Nu among 1,500 people in Mexico, formal savings continue to be passive since 31% of people who save formally only do so by leaving the money in their account, without it generating any yield.”

To make this problem visible, Nu México has “surprised the neighbors of Mexico City with a giant mattress, which has dawned in Parque de la Bombilla today.”

According to the National Survey of Financial Education (ENIF), 54% of Mexicans “use informal savings methods such as keeping it “under the mattress.”

This is “a problem because people’s money is not only not safe and protected, but also loses value daily.”

With this giant mattress, they wanted “to show Mexicans that there are better alternatives to save and awaken their money by making it generate returns.”

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