Nubank offers payroll for federal public servants – 03/21/2023 – Market

Nubank announced this Tuesday (21) its entry into the payroll loan modality, initially testing only the offer for federal public servants, in a movement that occurs amid the suspension by several banks of another payroll loan modality, the INSS, after a new interest rate imposed by the government.

The new product is already available for a portion of the federal servants who are customers of the digital bank. “Throughout the semester, we intend to expand the NuConsignado offer gradually to all federal civil servants who are already Nubank customers,” he said in a statement.

According to Nubank, the initial choice of available customers is random. The company did not say how many people the group includes.

The institution stated that, for the time being, the payroll loan offer is still in the testing phase, which has now been expanded. These tests include, in addition to hiring the line, issues such as navigability, user experience and integration of third-party systems, according to Nubank.

Questioned, the digital bank did not reveal what interest will be charged on payroll, saying only that “it will practice varying rates according to the customer’s profile and the results of the test period”.

Users who have the service available can hire the modality without intermediaries, the so-called “pastinhas”, and directly through the application, he said.

Nubank’s already expected entry into payroll comes after, last week, state and private banks, such as Banco do Brasil, Caixa, Itaú Unibanco and Pan suspended new payroll loan operations to INSS beneficiaries. The actions took place after the reduction in the interest limit in this modality by the CNPS (National Social Security Council).

Just over a week ago, the CNPS defined the new limit at 1.70% per month, a decrease of 0.44 percentage points in the authorized index for financial institutions to carry out these operations.

Nubank stated that it monitors the discussions on the INSS payroll and evaluates alternatives. The institution said that it has already obtained authorization to operate the modality, but that its offer is an alternative “that deserves a deep and cautious analysis to guarantee that Nubank continues offering innovative and disjunctive services”.