Livia Chanes, CEO of Nubank in Brazil
The fintech estimates that about 5 million of its customers, including pensioners and federal employees, will benefit from this option.
Livia Chanes, CEO of Nubank in Brazil, emphasized that following the initial launch, new features will be added, including the option of portability with an additional balance, commonly known as “cash back.”
Since March last year, Nubank has been offering payroll loans, initially to federal public servants and, from October, to retirees and pensioners of the INSS.
Credit portability, which has been around for ten years, involves around 1 million contracts per month, with the vast majority in the payroll loan segment.
According to the Central Bank, up to the week of April 11, Nubank’s rate for INSS payroll loans was among the most competitive in the market, at 1.57% per month (20.50% per year), while the market average in February was 22.8% per year. For Siape payroll loans, Nubank offered the second lowest rate, at 1.42% per month (18.50% per year), compared to the market average of 22.9%.
