Nubank has announced the launch of personal loans across Mexico, as it looks to bolster its footprint in the nation.
Through its domestic Mexican branch, Nu Mexico, the organisation will begin the rollout phase for the product in the coming days, with a group of employees who will begin testing the product, before it expands to the general public.
The introduction of the service follows a revelation from the 2021 National Financial Inclusion Survey (ENIF), that only 33% of Mexicans that needed a loan were able to obtain one from a formal financial institution.
Iván Canales, General Manager of Nu Mexico, said: “At Nu, we are creating a complete services platform that can accompany different stages of people’s financial lives. By expanding our portfolio to personal loans, we are providing Mexicans with more options to achieve their goals.
“We’ve created a product that offers security and autonomy, in the Nu way: simple, transparent, and fair. We give the customer full control over their loan, with no hidden fees or conditions. This is how we want to grow our offering in the country; by empowering people to take control of their money.”
According to figures from Kanter, 6 out of every 10 Mexicans have applied for a loan, highlighting the need for a change in the nation.
Canales added: “We aim to promote access to financial products and credit while also promoting financial education among our customers.
“We are having a positive impact by enabling greater access among Mexicans, as around 20% of the smartphone-connected adult population in the country has already applied to build a financial relationship with us. We hope to continue expanding our footprint in the country with the launch of personal loans.”
After the rollout, Mexicans will be able to access simple, transparent, and flexible loans through the Nu app.
The application process will be completely digital and can be completed in less than 5 minutes. Customers will receive a maximum offer and can adjust the amount and payment schedule to meet their needs, with a complete simulation.
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