Nu consolidates its position as the third card issuer in Mexico

Brazilian fintech challenges traditional banking with record growth in Mexico.

Analysis of Nu’s positioning in the Mexican credit market

At the end of the first half of 2025, official data from the National Banking and Securities Commission (CNBV) reveal a significant change in the revolving credit sector in Mexico. The Brazilian company Nu, a subsidiary of the Nubank conglomerate, has emerged as the third provider of this financial product, surpassing traditional institutions and only preceded by BBVA México and Citibanamex.

Competitive dynamics between banking actors

BBVA Mexico maintains its leadership with 10.76 million active plastics, registering a year-on-year growth of 14.7%. Citibanamex, for its part, retains second place with 9.23 million units, which represents an increase of 7.4% compared to the same period in 2024. However, the most notable performance corresponds to Nu, whose credit card customer base reached 6.6 million, a year-on-year increase of 52%, the highest among the main issuers.

RelatedThree financial institutions are transformed after international sanctions

This growth contrasts with the evolution of other participants. Santander reported 3.95 million cardholders (1.2% growth), while Bancoppel experienced a contraction of 18.3%, reducing its portfolio to 3.73 million. Banorte, on the other hand, showed an expansion of 13.6%, totaling 2.56 million outstanding loans.

Factors behind market growth

The Mexican financial ecosystem has experienced a structural transformation driven by three key variables:

1. Digitalization:68% of Nu’s new issues were carried out through 100% digital processes, eliminating physical branch requirements.

2. Regulation:The CNBV reports that the total number of cards in circulation increased by 1.84 million (5.2% year-on-year), reaching 37.16 million, a figure that includes operations by banks and Sofipos.

3. Deposit acquisition: Nu México increased its deposit portfolio by 103% annually, totaling 6.7 billion dollars, which represents 18.3% of the company’s 36.6 billion global assets.

Regulatory implications and perspectives

Despite its banking license obtained in 2024, Nu currently operates as Sociedad Financiera Popular (Sofipo) pending authorization to fully integrate into the multiple banking system. This status allows it to participate in the credit market, although with certain operational limitations compared to traditional banks.

Analysts project that, if the current growth rate is maintained, Nu could surpass Citibanamex in card portfolio by the third quarter of 2026. However, this scenario will depend on factors such as:

  • The evolution of reference interest rates
  • Possible regulatory adjustments of the CNBV
  • The ability of traditional banks to accelerate their digitalization processes

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Kenia López Rabadán criticizes the INE for not stopping early campaigns

The PAN deputy demands that the electoral authority act without subordination in the face of anticipated acts.

The president of the Board of Directors of the Chamber of Deputies, Kenia López Rabadán (PAN), questioned the decision of the National Electoral Institute (INE) to remove the debate on the regulation of early campaigns from its agenda. He considered that the authority must act independently to stop these acts, especially those initiated by Morena in its internal process of selecting candidates for governors for 2027.

“The electoral authority must make an objective, clear and evident analysis, and without any type of subordination to anything. Hopefully the electoral authority can soon make a clear definition so that there are no anticipated campaign events,” he declared at a press conference.

López Rabadán warned that processes initiated outside the electoral calendar, even if they intend to be integrated later, are illegal and must be sanctioned. He insisted that pre-campaigns without legal basis generate bad practice for the country.

Position on Councilor Montaño’s project

The legislator also rejected the project of “General Guidelines to regulate and supervise the processes, acts, activities and propaganda carried out in political processes” promoted by counselor Jorge Montaño. He pointed out that any modification to the law should have been made 90 days before the start of the electoral process, and not now.

“If they want to modify the law, they had up to 90 days before the electoral process began to modify the electoral rules. If we get used to the law being violated and no one saying anything, it will be terrible for the country,” he stated.

The PAN member’s call comes amid Morena’s progress in defining its candidates for 2027, which has raised alerts about possible early acts of proselytism. The INE, for its part, has not issued an official position after removing the issue from the agenda.

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Law against feminicide: PRI sees it as insufficient, Morena prioritizes it

The presidential initiative against feminicide divides opinions in the Senate: PRI questions impunity, PAN asks for analysis and Morena prioritizes it.

Proposal and reactions

President Claudia Sheinbaum’s initiative to create the General Law to Prevent, Investigate and Punish Femicide generated divided positions in the Senate. Morena will seek to rule it as a priority at the beginning of the next period in September, while the PRI and the PAN expressed reservations.

PRI: the problem is impunity

PRI senator Carolina Viggiano Austria maintained that feminicide cannot be resolved with new laws or increased penalties. “You can put 100 years or 70 years in prison, but if you never manage to investigate or sentence those responsible, what you put is simply propaganda,” he said.

He pointed out that the real reform is in the local prosecutor’s offices: insufficient, poorly paid and unprepared public ministries. He proposed strengthening research, technology and specialized personnel capacities with a gender perspective.

PAN: in-depth review

Mayuli Latifa Martínez, vice coordinator of the PAN, asked to read the initiative before setting a position. “This heinous crime against women should unify us,” she said. But he warned that it is not enough to create standards: prevention and protection actions are required.

He highlighted that before feminicide there is a chain of attacks—familial, psychological, economic—that many victims do not report due to lack of prompt justice and economic dependence. He demanded a detailed analysis of the obligations for the states.

Morena: approval required

Morenoist Verónica Camino Farjat celebrated that the proposal reached the Senate first. He explained that there are currently differences between states in the classification and sanctions of feminicide, which benefits perpetrators in cases that cross borders. “What we are looking for is that the same classification exists in all states,” he indicated.

Camino Farjat announced that the commissions could begin the analysis immediately, even before the regular period, to have the opinion ready in the first week of September. The Morena bench considers the initiative a priority to protect women’s rights.

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They dismantle two clandestine laboratories in Michoacán and Nayarit

The Navy located and disabled two laboratories with the capacity to produce 17.5 tons per month.

The Secretary of the Navy (Semar) reported that in recent days, naval personnel located and disabled two clandestine laboratories in Michoacán and Nayarit. In the operations, 11 reactors of approximately 30 thousand liters were seized, as well as 2.5 tons of chemical precursors and specialized infrastructure for the production of illicit substances.

Details of the operation

According to a statement from the agency, both facilities had a production capacity of more than 17.5 tons per month. The estimated value in the illicit market reaches 412 million dollars. Semar stated that this seizure represents resources that stopped strengthening financial structures of criminal organizations.

The laboratories were identified through naval intelligence work, aerial and ground surveillance, operational reconnaissance and coordinated actions between security authorities.

Semar highlighted that under the current administration it has located and disabled a total of 75 clandestine laboratories. This is equivalent to an economic impact for organized crime of 20 thousand 186 million 608 thousand 766 Mexican pesos.

The agency assured that it will continue with these tasks as part of the National Security Strategy. Just on July 14, the Secretary of Security and Citizen Protection, Omar García Harfuch, reported that from October to June the Security Cabinet has dismantled 2,627 clandestine laboratories and methamphetamine concentration areas. In addition, it reported 498.98 tons of drugs seized, including 5 million 546 thousand fentanyl pills.

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