Overview
- Nu received final CNBV authorization on July 10 and will begin operating as an institución de banca múltiple on Thursday, August 6, following a technical migration of its infrastructure.
- The company will perform a planned systems migration on Wednesday, August 5, between 17:30 and 22:00, during which the mobile app and SPEI transfers will be unavailable while debit and credit cards remain operable and customer funds stay secure.
- Updated contract terms have been published in the app and in Condusef’s RECA registry and will take effect on August 7; Nu says existing electronic signatures remain valid and customers may cancel without penalty before the change takes effect.
- Nu has begun blocking accounts that lack required personal-information updates and will begin staggered account closures for noncompliant users starting July 29 to meet new customer-verification rules.
- As a bank, eligible deposits will be covered by IPAB up to 400,000 UDIs (about 3.5 million pesos at current values), Nu will be able to offer broader banking services to its roughly 15 million customers, and the change could sharpen competition and regulatory scrutiny in Mexico’s digital-banking market.