IFC and Nu Colombia Announce Alliance to Promote Financial Inclusion of Venezuelan Migrants in Colombia

The International Finance Corporation (IFC), a member of the World Bank Group, and Nu Colombia, a subsidiary of Nubank, one of the largest digital financial services platforms in the world, announced an alliance with the objective of promoting the financial inclusion of forcibly displaced Venezuelans in Colombia.

The agreement will allow Nu Colombia to build the foundations to launch, in the future, a market strategy that promotes the financial inclusion of this population through access to digital financial services focused on savings accounts. Digital savings accounts represent a potential entry point into the formal financial sector, as the information used in these transactions provides records that could eventually be used for credit evaluation.