Background on Nu México and its Leader, Fernando Campos
Nu México, a digital banking subsidiary of Nu Holdings based in Brazil, is currently undergoing a comprehensive audit to obtain its banking license in Mexico. The company aims to secure the license as soon as possible and continue its investment process in the country, ultimately achieving explosive profitability similar to its success in Brazil.
Fernando Campos, the Mexican national leading Nu México’s financial direction, has expressed pride in Nu’s accomplishments so far as a Sofipo (Financial Investment Company). In six years, Nu has achieved remarkable growth with 12 million customers. The loan portfolio has grown nearly 60%, accumulating over 20 billion Mexican pesos in credit, including credit cards and personal loans.
With its latest product launch, Cajita Turbo, Nu México has increased its deposit capture and reached levels exceeding 120 billion Mexican pesos in deposits. Recently, the Mexican National Banking and Securities Commission approved Nu México’s banking license. However, the company is still in the audit process and awaiting its conclusion.
Nu México’s Focus and Opportunities in the Mexican Market
Nu México has been operating in Mexico for six years, maintaining an investment and analysis status while awaiting additional requirements. The company focuses on product profitability, ensuring that individual offerings are lucrative. Nu México’s credit card has a higher profit margin than Brazil, and the company anticipates transitioning from investment to profitability phases similar to its success in Brazil.
The Mexican market presents a significant opportunity for Nu México due to low financial penetration and the company’s digital profile, allowing it to gain market share. More than 50% of Nu México’s credit card portfolio consists of clients who have never held a credit product before.
Change in Leadership at Mexico’s Financial Intelligence Unit (UIF)
Pablo Gómez’s departure from the Unidad de Inteligencia Financiera (UIF) was officially announced, with Omar Reyes Colmenares named as his successor. Reyes Colmenares’ appointment must be ratified by the Permanent Commission of Congress.
Gómez led the UIF from November 9, 2021, to August 2, 2025. Despite his public presence surpassing that of his predecessors, there is limited information on his significant achievements. Criticism arose due to the politicization of the UIF during his tenure.
President Claudia Sheinbaum appointed Gómez to lead the presidential commission designing Mexico’s electoral reform. Meanwhile, Sheinbaum designated Omar Reyes Colmenares as the new UIF head. Reyes Colmenares, a lawyer with extensive experience in law enforcement and security agencies, including Interpol, the Mexico City Police Investigation Force, and the Mexico City Secretary of Security, brings a technical profile with limited media exposure.
His close ties to Omar García Harfuch, the Secretary of Security in Mexico City, suggest a coordinated effort to combat crime and money laundering by drug cartels. This appointment sends a strong message to the United States, which has pressured Mexico for increased action against cartels.
