How should Nu México use its new banking licence to grow deposits and payroll customers?

Introduction

Nu México began operating as a bank in August 2026, after Mexican regulators approved its banking licence. Until then it operated under a different licence type, which limited what it could offer. With around 15.8 million customers (and about 16 million by July 2026), Nu México is already one of the largest digital financial institutions in the country, known for its no-fee credit card and high-yield savings ("Cajitas"). Management highlighted that the licence enables payroll direct deposits, higher deposit insurance and broader credit products. It also noted a Mexican loan-to-deposit ratio of only about 35%, meaning Nu México has plenty of deposits relative to its lending.

The question: how should Nu México use its new banking licence to grow deposits and payroll customers?

Key objectives:

1. Become the account where Mexicans receive their salary (cuenta de nómina).
2. Grow stable, low-cost deposits.
3. Turn deposit customers into credit customers responsibly, raising the loan-to-deposit ratio.
4. Compete with BBVA México, Banorte, Santander and fintechs such as Mercado Pago, Klar and Stori.

Step 1

Clarify the Strategic Goals (3-4 minutes)

• Is the priority deposit volume, payroll accounts or profitability? I'll assume payroll accounts are the priority, because salary deposits create primary relationships, stable deposits and better credit data.

Why it matters: payroll customers transact daily, stay longer and are lower risk. Impact on approach: focus on employers and employees, not only on yield promotions.

• How are payroll accounts assigned in Mexico? Employers usually choose a bank for payroll, but employees have the right to move their salary to another bank (payroll portability). I'll assume both employer-led and employee-led paths matter.

• What are the constraints? Capital, regulatory compliance and the need to keep Nu México's simple, low-cost model.

Strategic assumptions:

1. Many Nu México customers still receive salary at a traditional bank and transfer it to Nu.
2. Small and medium employers want cheaper, simpler payroll banking.
3. Deposit insurance and the "bank" status build trust with older and more cautious customers.