Colombia - Nu Bank
Colombia is the largest recipient of Venezuelan Forcibly Displaced Population (VFDP) with ~2.8 million, representing over 40% of the overall Venezuelan migration and more than 60% in the Andean region. The project brings an innovative approach to helping Nubank, a leading digital player in Latin America, to enable the digital inclusion of Colombia's VFDP through digital saving accounts. Considering this population's limited access to affordable and formal financial solutions, digital savings accounts can be the entry point into the formal financial sector, enabling VFDP to build a transaction history for credit origination. The project will involve increasing awareness of the market opportunity for VFDP, assessing market and operational capacities and gaps, and recommending adjustments to Nubank's digital savings value proposition for VFDP.
- IFC
Colombia