Home Uncategorized New Nubank’s e-account targets 60 million unbanked Brazilians

New Nubank’s e-account targets 60 million unbanked Brazilians

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Brazil’s fintech Nubank  CEO David Velez – who started the business three years ago as a credit card provider – has announced its plans to cater for Brazil’s 60 million  unbanked population with a digital bank account.

At the launching meeting of Nuconta (Nuaccount)  on Wednesday (Oct. 25), Mr. Velez said: “We launched our credit card product as a response to the fact that the interest rates in Brazil are among the highest in the world and the level of service of traditional banks is also among the worst in the world.”

“We were certain that we could address those issues with a combination of technology, data science and human customer service into digital products – and NuConta is the evolution of that vision,” he added.

Nubank’s account management will be mobile-centric, what will be possible as Brazil has the largest mobile internet market and smartphone penetration in Latin America.