Nubank CEO Proposes Eliminating Colombia's Usury Rate to Boost Formal Credit

David Vélez, founder of Nubank, publicly proposed eliminating Colombia's usury interest rate cap, arguing it restricts access to formal credit and pushes borrowers toward informal 'gota a gota' lenders. The proposal signals a policy push by a major fintech figure, but faces political and social resistance given consumer protection concerns. The outcome is uncertain and could influence financial regulation debates in Colombia.