Introduction to Financial Players Nu México, Klar, and Stori
The recent entry of technology-based financial companies like Nu México, Klar, and Stori into the regulated sector of popular financial societies (sofipo) is already impacting the growth in the number of accounts and credit in Mexico.
While traditional banking remains the undisputed leader in these and other financial products and services, sofipos (especially the three mentioned) are gaining market share.
Nu México has already received a license to operate as a bank in the country, though it still needs approval for starting operations. Meanwhile, Klar, a holding of sofipo in Mexico, recently acquired Bineo, the digital bank of Banorte.
Growth in Accounts
According to the Annual Inclusion Financial Outlook 2025, released by the National Banking and Values Commission (CNBV) on Friday, as of the end of 2024, there were approximately 179 million capture accounts in the country, a 10% increase from 2023.
The report highlights the growth of sofipos, which reported an increase of over 10.2 million capture accounts compared to 10.6 million at the end of 2023, a 96% increase due to digital financial institutions acquiring or merging with microfinance institutions.
“Notably, Nu México Financiera has stood out as its capture accounts tripled compared to 2023, increasing by more than seven million accounts,” the report states.
Based on the report, by the end of 2024, out of nearly 179 million capture accounts in the Mexican financial system:
- Multiple banking held 118 million accounts, or 66% of the total;
- Development banking (mainly through Banco del Bienestar) held 23.1 million accounts or 13%;
- Sofipos held 20.8 million accounts or 12%;
- Savings and loan cooperative societies (socaps) held 17.1 million accounts or 10%.
In 2023, the proportion was 69% for multiple banking, 14% for development banking, 10% for socaps, and 7% for sofipos.
Significant Increase in Deposits
The report emphasizes that growth in the number of capture accounts within Entidades de Ahorro y Crédito Popular (ECAP), which includes sofipos and socaps, has been driven by both sight and term deposit segments.
Sight deposit accounts grew 70% from 2023 to 2024, rising from 12.8 million to 21.7 million; term deposit accounts saw an annual increase of 87%, growing from 2.1 million to over 4 million.
In contrast, traditional bank growth was only 3% in these accounts, with a 17% decline in term deposits.
Specifically, Nu México Financiera ended 2024 with 9.4 million capture accounts, up from just 2.4 million the previous year. Klar closed the year with 2.5 million such contracts.
Doubling Credit Participation
The Annual Inclusion Financial Outlook 2025 specifies that by the end of 2024, there were 81.6 million personal credit agreements in the country from regulated entities, a 16% increase from 2023.
The report details that one of the main reasons for the increase in credit numbers in 2024 was the placement by Nu México, Stori, and Klar sofipos, which reported around 9.4 million loans among the three.
“This figure accounted for 73% of credits issued by EACP and specifically 95% of the total credits disbursed by sofipos,” it notes.
While in 2023, multiple banking held 62.7 million credits or 89% of personal credits; sofipos held 4.2 million credits or 6%; socaps held 2.8 million credits or 4%; and development banking held 800,000 credits or 1%. For 2024, the proportions changed to 68 million credits or 83% of the total; 9.9 million credits or 12%; 2.9 million credits or 4%; and 800,000 credits or 1%, respectively.
Credit Cards See the Most Growth
The document specifies that among ECAP, credit cards saw the highest population demand.
Between 2023 and 2024, the number of credit cards issued by ECAP—mainly sofipos—increased from 3.4 million to 8.8 million, a growth over 100% in the period.
