Nu will start operations like Sofipo with debit and investment products

In February of this year, the authority made official the acquisition of the People’s Financial Society (Sofipo) Akala on behalf of the credit technology Nu, nine months later formally announces that it will begin its first stage of operation under said figure, through the launch of new accounts.

Now the Sofipo New Mexicowould be the only one in the sector that operates as a subsidiary of a public company. Recently, in its quarterly report of results, the entity reported 3 million clients, which meant an increase of 4 times compared to the third quarter of the previous year.

In a conference, Ivan Canales, who will replace Emilio González as director in Mexico, commented that the plan consists of various phases that will be implemented in the coming weeks, the first will consist of a waiting list, until the launch to the general public.

“We observe that in Mexico there is low competition, where few players have around 80% of the banking assets in Mexico, we seek that there is greater competition, that entities do things in a better way, the future of financial services lies in offering them digitally, leveraging technology,” González commented.

On the other hand, Canales pointed out that the entity has users in nine out of 10 municipalities in the country and covers 80% of priority rural municipalities for the federal government, indicated that technology was essential to have a presence in these areas of the country.

There are many problems to be solved, the financial system in Mexico is very complex and we believe that there are more simple products that we can use to transform the financial life of users”, explained Canales.

sofipo and technology

Although the Sofipo sector has been stained by the Ficrea case, Canales indicated that the figure is originally intended to promote financial inclusion in the country, so it was aligned with his plans within the region, he indicated that transparency and technology will be essential to maintain risk controls.

We know the reputation that the industry has had at this time, we also hope that the reputation is more linked to the players and not to the type of license”, indicated González.

Now that it will operate within the Sofipo sector, the new director of the firm indicated that they are analyzing the possibility of being part of the Mexican Association of Popular Financial Societies (Amsofipo).

“Mexico is the second largest market for Nu, it is a key piece for the firm’s global strategy, we believe that there is a lot of space in the country to continue promoting financial inclusion and above all to attack the complexity of financial services through of simple products,” said Canales.