Grand Cayman, Cayman Islands Company, September 26, 2022 - Nu Holdings Ltd. ("Nu" or "Company"), hereby informs its shareholders and the market, in consideration of the Brazilian Central Bank ("BCB") Resolution Nº. 246 ("BCB Resolution 246") issued today, which established, among other matters, a maximum limit for the interchange fee of the prepaid cards, as follows:
Changes in the interchange fee for prepaid cards in Brazil were widely expected by the market since the publication by the BCB, on October 8, 2021, of the Public Consultation Notice Nº 89 ("ECP 89/2021"), having been mentioned in the Registration Statement on the Company's Form 20-F and considered on its planning, even though the timing of its implementation at the time was uncertain.
The BCB Resolution 246 established that the maximum limit for the interchange fee levied on all prepaid card transactions in Brazil will be 0.70%. The new rules come into force on April 1, 2023.
Interchange fees on prepaid cards represented 7.0% of the Company's revenue in the 12 months from July 2021 to June 2022. If the changes announced by Resolution BCB 246 were in effect since July 1st, 2021, the Company's revenue would have been adversely affected by 2.9%.
We will continue to monitor the new rules to be enacted by the Brazilian Central Bank, as well as any other adjustments proposed by Mastercard on this matter, and we will keep the market informed of any new developments.
Contacts
Investor Relations
Guilherme Lago
investors@nubank.com.br
Media
Leila Suwwan
press@nubank.com.br
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Nu Holdings Ltd. published this content on 26 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 12:44:05 UTC.
Nu Holdings Ltd is a Brazil-based company that provides a digital banking platform. The Company offers its customers products across the five financial seasons: spending, saving, investing, borrowing, and protecting. Its spending solutions are designed to help customers pay for goods and services in their everyday lives with a customized credit line or instantly through a mobile phone, while collecting loyalty points and rewards on applicable transactions. Its savings solutions are designed to help customers deposit, manage and save their money in interest-earning accounts with complementary debit cards. Its investing solutions are designed to help customers invest their money in investment products and services. Its borrowing solutions are designed to provide customers with unsecured loans that are easy to receive, manage and pay back. Its NuInsurance protecting solutions are designed to help customers secure life insurance and funeral benefits.