Banking in Argentina Current Demand Behavior Analysis¶
Demand Behavior¶
Analysis of the provided reports on the Argentine banking value chain reveals distinct demand behaviors across individual (B2C) and business (B2B) consumer segments, with varying growth dynamics influenced by digitalization and macroeconomic conditions.
Detailed report on the number of individual and business consumers:
The number of individual consumers engaged with the formal financial system in Argentina is substantial, driven by both traditional banking and the rapid expansion of fintech services. Several key players report significant individual customer bases. Ualá, a prominent fintech, serves over 9 million users as of March 2025. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn, Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler] Naranja X, the fintech arm of Grupo Financiero Galicia, reported 4.63 million customers by September 2024 and managed 6.47 million accounts as of 3Q24. [Naranja X's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile, Grupo Supervielle Reports 3Q24 and 9M24 Results] It also holds a dominant position in the credit card market with over 10 million cards issued by 3Q24. [Grupo Supervielle Reports 3Q24 and 9M24 Results] Among traditional banks, Banco Macro serves over 6 million clients in total, which includes a significant portion of individual customers. [Banco Macro (BASE:BMA) - Earnings & Revenue Performance - Simply Wall St., Los planes de los bancos argentinos para 2024] State-owned banks also reach millions of individuals, particularly through digital inclusion initiatives; Cuenta DNI from Banco Provincia holds a 14.4% market share among digital wallets, and BNA+ from Banco de la Nación Argentina holds a 12.2% market share, facilitating transactions for millions, including recipients of social programs. [Presentación de PowerPoint] Individual consumers are also active as savers, utilizing various deposit products, and as borrowers, seeking personal, mortgage, and auto loans.
Information regarding the precise number of business consumers (SMEs and large corporations) across the entire sector is less explicitly quantified in the provided context compared to individual users. However, the reports indicate that major banks like Banco Macro, Santander, BBVA Argentina, and BNA actively serve this segment through corporate deposits, SME and corporate loans, cash management, treasury services, and trade finance. [Banco Macro, Banco Santander Argentina, BBVA Argentina, Banco de la Nación Argentina] Fintechs are also increasingly engaging the business segment, particularly in payment services; Ualá reported a 55% increase in Total Payment Volume (TPV) for merchant acquiring over the past year by November 2024, indicating growing adoption among businesses for digital payment acceptance. [Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler] Business customers' demand is concentrated in services supporting operations, investment, and risk management.
Table showing the growth/decline in the number of customers:
While comprehensive aggregated data on the overall growth or decline of the total customer base across all segments and players is not provided, the available information offers insights into trends within specific areas, particularly highlighting the significant growth in digital adoption and fintech usage, contrasting with challenges in traditional lending markets.
| Segment/Area | Indicator of Growth/Decline | Trend Implication | Source Information |
|---|---|---|---|
| Individual Consumers (Digital) | Growth in fintech user base | Growth: Significant expansion of digital financial service users. | Ualá: >9 million users (Mar 2025). [Uala - 2025 Company Profile, Funding & Competitors - Tracxn, Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler] Naranja X: 4.63 million customers (Sept 2024), 6.47 million accounts (3Q24). [Naranja X's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile, Grupo Supervielle Reports 3Q24 and 9M24 Results] |
| Individual Consumers (Digital Wallets) | Adoption of state-owned digital wallets | Growth: Increased financial inclusion and digital transaction participation. | Cuenta DNI: 14.4% digital wallet market share. BNA+: 12.2% digital wallet market share. [Presentación de PowerPoint] |
| Individual Consumers (Credit Cards) | Number of credit cards issued by key fintech | Growth: Expansion of access to digital credit products. | Naranja X: >10 million credit cards issued (3Q24). [Grupo Supervielle Reports 3Q24 and 9M24 Results] |
| Business Consumers (Digital Payments) | Increase in fintech merchant acquiring TPV | Growth: Increasing adoption of digital payment acceptance by businesses. | Ualá: 55% increase in merchant acquiring TPV (Nov 2024). [Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler] |
| Lending (Overall) | Impact of macroeconomic instability, high inflation, regulatory constraints, and credit risk on lending capacity and demand. | Pressure/Potential Decline: Challenges constrain the ability and willingness to lend and borrow, particularly for long-term credit. | Reports highlight limited lending capacity, high credit risk, and complex collateral enforcement as bottlenecks. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] BNA reduced loans to SMEs and families in 2023 to finance fiscal deficit. [El Banco Nación en 2023 redujo los créditos a pymes y familias para financiar el déficit fiscal de Massa - Clarin.com] Grupo Supervielle saw loans surge 343.9% YoY in nominal terms in FY2024, but this is nominal growth heavily influenced by inflation. [Grupo Supervielle Reports 4Q24 and FY24 Results] |
| Traditional Banking Access | Prevalence of informality and cash usage | Persistence of Non-Growth: A significant portion remains outside formal banking. | Highlighted as a bottleneck limiting the reach of formal and digital systems. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] |
Overall, the data suggests a clear trend of growth in the number of customers utilizing digital financial services, largely driven by fintech expansion and digital inclusion initiatives by state-owned banks. This indicates an increasing formalization and digitalization of financial interactions for a significant portion of the population and a growing number of businesses adopting digital payment solutions. However, the challenging macroeconomic environment, particularly high inflation and regulatory constraints on lending, likely presents a significant headwind for growth in traditional credit-dependent customer relationships for both individual and business borrowers.
References¶
Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam. https://rankingslatam.com/ranking-financiero-argentina/ Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results. https://www.businesswire.com/news/home/20250305460260/en/Banco-BBVA-Argentina-S.A.-Announces-Fourth-Quarter-Fiscal-Year-2024-Results Banco Macro (BASE:BMA) - Earnings & Revenue Performance - Simply Wall St. https://simplywall.st/stocks/ar/banks/base-bma/banco-macro-shares/earnings BBVA Argentina Bank SA - SEC.gov. https://www.sec.gov/Archives/edgar/data/1027112/000095010325003852/dp224737_6-k.htm Credit and Debit Cards Market in Argentina - December 2024 Rankings - rankingslatam. https://rankingslatam.com/mercado-tarjetas-credito-debito-argentina-diciembre-2024/ Document - SEC.gov. https://www.sec.gov/Archives/edgar/data/1027112/000095010325003852/dp224737_6-k.htm El Banco Nación en 2023 redujo los créditos a pymes y familias para financiar el déficit fiscal de Massa - Clarin.com. https://www.clarin.com/economia/banco-nacion-2023-redujo-creditos-pymes-familias-financiar-deficit-fiscal-massa_0_k4rJmO0uW0.html Grupo Supervielle Reports 3Q24 and 9M24 Results. https://www.businesswire.com/news/home/20241125436385/en/Grupo-Supervielle-Reports-3Q24-and-9M24-Results Grupo Supervielle Reports 4Q24 and FY24 Results - Business Wire. https://www.businesswire.com/news/home/20250310308297/en/Grupo-Supervielle-Reports-4Q24-and-FY24-Results Los planes de los bancos argentinos para 2024. https://www.ambito.com/finanzas/bancos/los-planes-los-los-argentinos-2024-n5963934 Naranja X's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile. https://www.owler.com/company/naranjax Presentación de PowerPoint. https://www.ernestotitación.com/wp-content/uploads/2024/12/Bancos-y-Tarjetas-11-12-24.pdf Uala - 2025 Company Profile, Funding & Competitors - Tracxn. https://tracxn.com/d/companies/uala/__i1_S37v2eP0v8y200G82X6r7w Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler. https://www.owler.com/company/uala