On March 18, 2024, Nubank announced the temporary suspension of the cash withdrawal service at Oxxo network stores in Mexico. This measure affects customers who used the terminals at these locations to make withdrawals with the Nubank card, available since the functionality was launched in 2025.
The service was implemented as part of Nubank’s plan to expand its presence in the Mexican market, offering its more than 9 million customers the possibility to withdraw cash at one of the country’s largest retail networks. Oxxo has significant reach, with more than 22 thousand stores distributed throughout the national territory, enabling easier access especially in remote areas where traditional banks are scarce.
With the suspension, users will need to seek alternatives such as proprietary ATMs or different partners provided by the fintech. This move occurs in a context where the use of cash still predominates in the financial routine of the Mexican population, requiring Nubank to maintain a balance between digital services and demand for physical service.
The decision results from a strategic review of established partnerships, evaluating factors such as operational cost and financial return. It is an adjustment in the company’s operating models in Mexico, which, even with the suspension of the service in the Oxxo network, remains committed to expanding and developing financial solutions in the country.
Furthermore, the measure creates a need for adaptation for customers accustomed to withdrawing at Oxxo stores, as the service remains, but without the participation of this major retail network. Thus, Nubank seeks to optimize its local performance, maintaining the conveniences already achieved while exploring new alternatives to keep financial inclusion active.
The Oxxo network, due to its coverage and reach, was fundamental for Nubank to reach customers in various regions of Mexico. However, the suspension reflects an adjustment in the dynamic of the partnership between the two companies. Meanwhile, the fintech remains in a process of testing and adaptation to ensure that its services meet local demand efficiently.
The conclusion of the process still depends on new internal evaluations by Nubank, which should apply the lessons from the temporary suspension to improve its offering. Besides analyzing the direct impact on operations, the expectation is that other partnerships may be considered to expand the cash withdrawal network in the coming months.
