Nu México banking license faces scrutiny over Prosofipo contributions

Questions have emerged regarding the banking license granted to Nu in Mexico, specifically concerning the role of extraordinary contributions made to the Prosofipo protection fund.

Reports indicate that during the process of Nu's transition to a banking institution, the company provided 443 million pesos toward a 512 million peso extraordinary quota required to stabilize the Prosofipo fund. This contribution represented 86.5 percent of the total amount needed to address financial pressures following the revocation of several other financial institutions.

While such payments are not explicitly required by the Law of Credit Institutions, sources suggest that authorities may have communicated that covering the quota would be considered during the authorization process. Additionally, the Prosofipo fund participated in the capitalization of Kubo Financiero, involving 130 million pesos of a 610 million peso operation.