This 2024, the trend has been less about boosting rates and more about adjusting them downward or modifying investment terms.
With the Bank of Mexico cutting its benchmark rate, Nu Mexico announced a reduction in its savings account yield to 14.75% per annum, a move that reflects market volatility and analysts’ expectations about the sustainability of high interest rates.
While Nu Mexico adjusts its offering, others such as Ualá stand firm, offering a 15% yield on their savings accounts, highlighting the diversity of strategies among fintechs to attract and retain clients.
Mexican regulation plays a crucial role in these tactics, forcing companies to establish validity periods for their rates, although this does not necessarily mean future changes. This dynamic underscores the challenge of offering competitive returns while navigating an uncertain economic environment.
Changes in offerings are not limited to interest rates; there are also changes in investment terms.
For example, Klar adjusted its annual rate of return from 17% to 30-day investments, demonstrating a more flexible strategy in the face of market volatility.
These moves are evidence of a fintech industry in constant evolution, where adaptability and market understanding are key to success in the midst of Mexico’s fluctuating economy.
