Nubank—Nubank CEO David Velez repeatedly called for eliminating Colombia's usury rate cap protecting borrowers from predatory lending
Nubank co-founder and CEO David Velez has publicly and repeatedly urged the Colombian government to eliminate or dismantle the country's 'tasa de usura' (usury rate cap), which limits maximum interest rates lenders can charge. Velez reiterated the call in September 2026 alongside Nubank's announcement of a 5-trillion-peso (~$1.3B) Colombia investment through 2030, arguing the cap is 'the biggest obstacle' to financial inclusion and that controlling prices limits credit markets. Economic-policy group ANIF opposed the proposal, warning that removing the cap would strip legal protection from vulnerable borrowers and could push more Colombians toward illegal 'gota a gota' lenders charging 382-666% annual rates. As Colombia's largest digital lender, Nubank would benefit financially from a higher or unregulated rate ceiling.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | secondary | -0.50 |
| Regulatory Capture | +toward | primary | -1.00 |
| Overall incident score = | -0.443 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)
Evidence (1 signal)
Colombian press reported Nubank CEO Velez's repeated calls to eliminate the usury rate cap
Portafolio and Semana reported that Nubank co-founder/CEO David Velez called Colombia's usury rate cap 'the biggest obstacle' to financial inclusion and urged its elimination, including at the announcement of Nubank's 5-trillion-peso Colombia investment, while economic-policy group ANIF warned removal would strip protection from vulnerable borrowers facing 382-666% informal lending rates.