* The International Finance Corporation (IFC), a member of the World Bank Group, has increased a loan to the Brazilian fintech company Nubank for investments in Colombia to US$265.1m. The IFC had previously agreed to loan Nubank US$150m to expand its Colombian operations. Nubank and the IFC both stated that Nubank’s expansion would improve Colombians’ access to financial services. Marcela Torres, the director of Nubank’s Colombian operations, said that 30% of the bank’s clients had not owned a credit card before registering with Nubank, and the company highlighted plans for a “significant expansion in access to financial services” in Colombia. Elizabeth Martínez de Marcano, the IFC’s director for Colombia, Mexico, Central America and the Caribbean, said that “lack of access to financial services is an obstacle to inclusion in Colombia” and that “this increase in the loan means that more Colombians will have access to more and better financial services”.
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LatinNews Daily - 26 September 2023
In brief: IFC increases loan for Nubank’s Colombian operations
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