Overview
- Nu México, which received final authorization from the CNBV on July 10, will start operating as an institución de banca múltiple on August 6, converting from a Sociedad Financiera Popular.
- To complete the switch, Nu has scheduled a technical migration for August 5 between 17:30 and 22:00 that will block app access for balance checks and suspend SPEI transfers while debit and credit cards remain usable.
- New contract terms tied to bank regulation will take effect on August 7; customers do not need to re-sign and may cancel their contracts before that date if they do not accept the changes.
- The company has begun sending notices asking users to update ID and proof-of-address documents, has already blocked some outdated profiles in the app and says it will close accounts in a staged process for customers who do not comply.
- Operating as a bank will place deposits under IPAB coverage (up to 400,000 UDIs, roughly 3.5 million pesos) and allow Nu to expand into products such as payroll accounts and mortgages while offering customer support lines during the migration.