In a groundbreaking move set to transform banking accessibility in Mexico, Nu México has announced a strategic partnership with OXXO, the country's leading small-format store chain. Starting January 14, 2025, this collaboration will dramatically expand Nu's cash deposit and withdrawal network, bringing financial services closer to millions of Mexicans.
A Game-Changing Partnership
The agreement will give Nu's growing customer base of over 9 million users access to more than 22,000 OXXO locations across Mexico. This extensive network will initially support cash withdrawals using Nu cards, with deposit capabilities rolling out in the following months.
"This agreement with OXXO will allow us to promote financial inclusion in areas still underserved by traditional financial institutions," explains Iván Canales, General Manager of Nu México. "It reinforces our commitment to making finances accessible to more Mexicans and marks a significant step towards simplifying access to the financial system in a country where cash remains relevant for millions of people."
Building a Robust Financial Infrastructure
This new partnership adds to Nu's already impressive network built on Arcus by Mastercard infrastructure. The existing network includes:
- Soriana
- Chedraui
- The Kiosko
- Systienda
- Yastás store networks
- Financiera para el Bienestar branches
With the addition of OXXO's locations, Nu will now boast over 30,000 physical contact points across Mexico, creating one of the most comprehensive financial service networks in the sector.
OXXO's Commitment to Financial Inclusion
Eduardo Velasco Garza, Director of Services of OXXO, shared his perspective on the partnership: "At OXXO, we're committed to offering the best services for the benefit of our customers. We constantly work to identify their needs and bring them innovative, practical and accessible solutions that truly simplify their daily lives. This new partnership with Nu reinforces our mission of being the most reliable and accessible network that promotes financial inclusion throughout the country."
Looking Ahead: A More Inclusive Financial Future
This expansion represents more than just additional service points – it's a crucial step in Nu's broader vision of financial inclusion. By combining technology with strategic partnerships, Nu is actively working to break down traditional banking barriers and accelerate the digitalization of financial services in Mexico.
The partnership demonstrates Nu's commitment to creating a more inclusive and connected financial ecosystem that serves all Mexicans, regardless of their location or previous access to banking services. As this network continues to grow, it promises to bring millions of Mexicans closer to the modern financial system while acknowledging the ongoing importance of cash transactions in the country's economy.
This announcement was made in Mexico City on January 13, 2025, marking a significant milestone in Mexico's journey toward comprehensive financial inclusion.