The constraint is partly structural. Colombia’s interest rate cap limits how lenders can price higher-risk borrowers, pushing many excluded customers toward informal street lending, known as gota-a-gota. Around 11 million Colombians borrow from these lenders, often at extremely high effective APRs.

Nu Colombia is addressing the gap with a three-card strategy. Its standard credit card gives customers fee-free access to formal credit, while NuControl offers a subscription-based alternative for users who may otherwise rely on informal lenders. The secured card creates an entry point for customers with limited or no credit history, using collateral to reduce risk and build a path toward unsecured lending.

The approach shows how Nubank is adapting its credit model to local market constraints. Rather than treating credit access as a single product problem, Nu Colombia is building a ladder: entry-level access, controlled credit, and collateral-backed approval. For customers, that means a route into formal credit. For Nubank, it creates a more flexible way to grow lending while managing risk.