David Vélez, CEO of Nu Holdings and founder of Nubank, accepted the Empresario del Año 2025 award from La República at a ceremony in Bogotá, following last week's announcement recognizing his role in digital banking innovation. In his speech, he stressed the private sector's importance for Colombia's growth and criticized regulations excluding millions from formal credit.
The award was presented during the 23rd edition of La República's event on March 11, 2026, by Bogotá Mayor Carlos Fernando Galán. This recognition builds on Nubank's 2025 achievements, including expansions and new products highlighted in prior coverage.
Vélez's speech focused on Colombia's untapped potential, urging reliance on private sector competition over government subsidies. He slammed the usury rate regime, which bars 65% of Colombians from formal credit, pushing over 11 million toward illegal 'gota a gota' lenders charging 380-666% annual rates—over 23 times the legal cap. 'Regulation designed to protect the vulnerable ended up excluding them from the formal system,' he said.
He cited Nubank's impact: In Brazil, it helped grow financial access from 76 million (2018) to 163 million (2026), with 32 million first-time entrants and 28 million first credit cards via Nubank, cutting interest rates by ~3 points and spreads by 15% (IMF data). Customers saved ~US$30 billion in fees and 645 million hours in queues. In Colombia, Nubank hit fifth in deposits (> $9.2 trillion) in 1.5 years, offering fee-free savings with yields, instant payments, and digital CDs, with credit expansion planned.
Operating in Brazil, Mexico, Colombia, and soon the US (recent license), Nubank serves 131+ million customers, the world's largest digital bank outside China. Vélez advocated emulating Singapore, South Korea, and Taiwan's private-sector-driven prosperity, plus tech/AI education. He thanked his family, team, and Colombian customers, calling the ecosystem the true driver of change.
