Nigeria FinTech Landscape - Impact Assessment
NUBANK company profile
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nu bank
M
Company
Description
ā
Nubank consists of a bank account, physical MasterCard
and a mobile PFM application with various built-in features;
Allows users to create budgets and limits, track their
transactions, balances, and invoices in real-time with
automatic categorization
Users can filter for their past purchases and also
customize transactions by adding personalized
pictures or tags
Nubank offers reward points after every purchase through
the Nubank card, where the points become credit in the
customer's bill, so the reward points can be redeemed to
decrease or erase the price of some purchase (e.g. Netflix,
Uber, Amazon, iFood, Evino, MaxMilhas, music streaming
services and any transaction in hotels and airlines)
As part of their credit services, customers can apply for
personal loans to finance their invoices
Nubank uses risk assessment based on 1,000-3,000
variables to decide which application to accept
AccessBio, a new facial biometrics feature that prevents
identity fraud, was released in 2018
What makes them
distinctive
Real-time categorization for holistic financial overview which supports well
informed decision making
Lower overheads allow Nubank to charge one of the lowest interest rates in Brazil
Geolocation empowers users to connect specific transactions to real-life locations
Nubank Rewards program is based on customer loyalty
Revenue model
Commission
"
Freemium
Commission
Mobile app
Business model
Details
Similar
solutions
Has a fixed rate of R$ 6.50 per service
Uses foreign exchange with a value of the PTAX dollar sale plus a margin of 4%
when people buy from abroad
Interest rates for loans start at 7.75% per month
Moven
spend, save & live smarter
WeBank
N26
Revolut
fidor
BANK
SOURCE: McKinsey Panorama
EFINA
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