Nexa Banco

About Nexa Banco

Nexa Banco is the first fully digital bank, or neobank, in Guatemala and the Central American region. Authorized by the Monetary Board and supervised by the Superintendence of Banks of Guatemala (SIB), the bank operates under the same regulatory standards as traditional banks but with a technology-first approach. The company's mission is to simplify banking and make financial management more accessible and user-friendly.

The planning for Nexa Banco began in 2018, and after a rigorous regulatory process that lasted about three years, it was authorized to operate in January 2023. It was founded by a group of Guatemalan investors with extensive experience in the traditional banking industry who identified an opportunity to leverage technology to create a more efficient banking model. Key figures include Jaime Abascal as CEO, José Aguirre as Executive Vice President, and Juan Gabriel Aguirre as Chief Innovation Officer. The bank launched with an initial capital of 160 million quetzales.

Nexa Banco offers a range of financial services entirely through its mobile application, eliminating the need for physical branches. Core services include opening a savings account in quetzales or dollars within minutes, making bank transfers, paying for services, and withdrawing cash from ATMs without a card. It also provides features like fixed-term deposits, savings vaults, and personal loans. For security, the platform utilizes dynamic CVVs for its virtual Visa debit cards and two-factor authentication with facial recognition and fingerprint scanning. The business model focuses on passing cost savings from the lack of physical infrastructure to its customers through lower fees and better rates, aiming to increase financial inclusion in a country where a significant portion of the population lacks access to formal banking services.