Nubank officially announced its entry into the Brazilian Federation of Banks (Febraban) in 2024, marking a new phase in its operations in the financial sector. With more than 110 million clients accumulated over 12 years, the company reaffirms its presence in the Brazilian market.
Despite the integration into Febraban, Nubank communicated that there will be no immediate changes to the current services offered to its clients. The company maintains its operating model under specific authorizations for digital accounts, cards, and loan granting, without yet holding a full banking license from the Central Bank of Brazil.
By 2026, the expectation is that Nubank will obtain the full banking license, a situation that entails compliance with stricter regulatory standards and increases the tax burden, including the application of the Social Contribution on Net Profit (CSLL). This contribution can reach up to 20% on profits and is intended to finance the public health and social security sectors.
Upon joining Febraban, Nubank will participate in regulatory debates and the most relevant decisions for the national financial system. The federation represents the country’s main banks, focusing on discussions about credit and the functioning of the banking sector.
Meanwhile, the Central Bank of Brazil is evaluating a proposal that prohibits the use of the word “bank” by companies that do not have a formal recognized license. Nubank, which currently operates without this official classification, monitors regulatory definitions along with system entities.
In general, joining the federation reduces regulatory differences between fintechs like Nubank and traditional banks, bringing governance and operational practices closer. This institutional change has the potential to modify the company’s role in the Brazilian financial market.
Regulatory Context and Market
The pressure from the Central Bank of Brazil for the definition of specific rules for fintechs has intensified, aiming to balance the competitive environment. These digital companies offer financial services without the need for physical branches, which differentiates them from traditional institutions that remain subject to stricter rules. Thus, the sector is undergoing a regulatory adjustment process that reflects the growing complexity of the financial market.
Conventional banks face more comprehensive requirements related to information security and the management of financial risks. On the other hand, fintechs have been operating with fewer restrictions, which has sparked debates about competitiveness between the segments. Recent disputes have revolved around the tax burden and the conditions of equal opportunity for operation, shaping a scenario in which regulation seeks to provide a more balanced playing field for all actors.
While Nubank expanded its operations in the national financial system, the company also intensified dialogue with regulatory authorities. This movement preceded the decision to join the Brazilian Federation of Banks (Febraban), indicating an adaptation to the prevailing regulatory and institutional framework. Thus, the fintech takes a position aligned with traditional banks, signaling greater formalization in its operating model.
Furthermore, adhesion to Febraban implies that Nubank will have to follow stricter regulations, including compliance with strengthened governance and control requirements. This change represents the transformation of the digital bank into a financial institution compatible with the demands of the traditional system. Finally, this move symbolizes a phase of maturation in the face of the regulatory environment and reinforces Nubank’s presence in the formal market.
