On June 17, 2024, Nubank announced the temporary suspension of cash withdrawals at Oxxo stores in Mexico. The change affects an important channel for customers who used the service at the more than 24 thousand stores in the network, which has a strong presence throughout Mexican territory.
Furthermore, Nubank announced that the reimbursement of fees for withdrawals made at Mastercard ATMs in the country will be limited to only two procedures per month. These measures are part of ongoing adjustments promoted by the institution to improve its withdrawal network in Mexico.
On the other hand, cash deposits remain available as usual at Oxxo stores, a modality maintained without changes to facilitate users’ access to financial services. In this way, the bank keeps at least one operation in partnership with the retail network.
Nubank’s account in the Mexican market was launched in January 2025, in collaboration with Oxxo, seeking to serve the local population that still makes significant use of cash. The partnership between the companies aimed to expand the reach of digital financial services in the country.
A spokesperson for Femsa, Oxxo’s parent company, confirmed that there were changes in the current agreement with Nubank to support withdrawal operations. This change indicates the adaptation of business models given consumer behavior and regulatory demands in Mexico.
In addition to the relationship with Oxxo, Nubank maintains collaborations with other Mexican retail chains, such as the supermarkets Soriana and Chedraui. These partnerships complement its financial services strategy in the local market, diversifying service points for its customers.
Overall, the changes reflect how Nubank adjusts its operations in Mexico, taking into account the still significant use of physical cash in the country. The suspension of withdrawals at Oxxo and the reimbursement limitation are measures aimed at balancing the service offering and the bank’s economic sustainability.
The conclusion of the process depends on the progress of commercial operations between Nubank and Femsa, as well as the response of the Mexican market to the new conditions imposed. Meanwhile, local authorities and customers are monitoring updates on the institution’s withdrawal network operations.
