In a recent interview, David Vélez, founder and president of Nubank, highlighted the importance of technology and innovation in the financial sector and in the economy in general. For this reason, the founder of Nubank stated that Colombia needs more programmers and fewer lawyers. . According to Vélez, the country needs to train a new generation of Colombians in technology and programming to be able to actively participate in the creation and reinvention of the country’s economy.
Likewise, Vélez highlighted the importance of competition in the financial sector and the need to increase it to lower interest rates. According to him, the entry of more financial technology companies, such as Nubank, can help increase competition and offer better choices to consumers.
Nubank lowers interest rates to increase competition in Colombia
Nubank, the Brazilian financial technology company, has decided to join the trend of interest reduction on credit cards that is taking place in Colombia. The founder and president of Nubank, David Vélez, stressed that competition is the key to lower interest rates in the country and that the entry of more financial technology companies can help increase competition and offer better options to consumers.
«In Colombia there are more or less five banks that own 80% of the system and what our vision creates better prices and lower rates are other Nubanks, that two, three, four, five Nubanks come to Colombia, compete for that consumer, offer better options, increase financial inclusion and lower those interest rates,” said Vélez.
In line with this vision, Nubank has announced a reduction in the interest rates of its credit card for those clients who have an approved quota of up to $3 million. The measure will apply to 50% of the users that Nu has in Colombia and will be extended to all types of national and international purchases, regardless of the category. With this action, the financial institution seeks to encourage the use of its credit card and offer greater accessibility to its customers.
«Many times consumers do not realize, and that is a large part of our value proposition, is that we charge zero, we charge zero commissions. Our value proposition is to charge zero commissions or zero fees or zero fees, but we have to generate a business in some way and that is where the interest rate comes from,” Vélez explained.
This initiative occurs in a context in which various financial institutions are reducing their interest rates to attract more users and improve their product offerings. Nu has decided to join this trend to remain competitive in the market and offer real benefits to its customers.
The reduction in interest rates on the Nu credit card is good news for those looking for financing at a lower cost. The financial institution has once again demonstrated its commitment to its clients, offering a financial solution that adapts to their needs.