Competition to the Cetes? Ualá offers returns of 9% in debit account

Pierpaolo Barbieri, founder of Ualá in Argentina, said that after the acquisition of ABC Capital bank, whose purchase was authorized last week, will allow them to expand their product catalogue.

“We want to break with the idea that you have to have more than $500 in your account to get a return,” Barbieri said.

Ualá stressed that with the banking license it allows them to invest in Cetes without the need to have an intermediary.

Asked about the duration of this interest rate yield, Barbieri said that 9% will be offered at least this year, when Banxico is expected to keep the benchmark rate at 11.25%.

“If the Bank of Mexico comes tomorrow and cuts the rate by 600 points, I doubt that we can maintain it. For now it is fixed but it depends on market conditions,” he added.

Currently the yield rate of the Cetes exceeds 11%. Through Cetes Directo, people can invest in these instruments with a minimum amount of 100 pesos.