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Banking in Mexico Current Demand Behavior Analysis

Demand Behavior

The demand behavior in the Mexican banking sector encompasses both individual consumers (B2C) and business consumers (B2B). Based on the provided reports, a significant portion of the Mexican population, specifically 40% as of the 2023 National Survey of Financial Inclusion (ENIF), remains financially excluded. This indicates a large untapped market for individual consumers. Despite this exclusion, the number of individual customers engaged with the formal financial system is growing, driven by increased financial inclusion efforts and the proliferation of digital financial services offered by both traditional banks and fintech companies. The objective to increase the percentage of adults with at least one financial product to 77% by 2024 underscores this push for growth in the individual customer base. Initiatives like Spin by OXXO have successfully onboarded over 12 million clients by September 2024, demonstrating the potential to reach previously underserved segments. Similarly, fintech lenders like NuBank have granted 10 million loans by January 2025, indicating a growing number of individual borrowers utilizing digital platforms.

Business consumers (B2B) represent a diverse group, including Small and Medium-sized Enterprises (SMEs), large corporations, and government entities. These entities constitute a significant segment of the demand for banking services, particularly in terms of deposits and lending. The commercial banking sector's loan portfolio to the private sector, which largely comprises business lending, saw an increase of 8.8% in December 2024. This indicates a growing demand for credit from businesses. The expansion of physical infrastructure, including banking agents and POS terminals, also facilitates access to banking services for businesses, particularly SMEs and merchants.

Overall, the number of customers in the Mexican banking sector appears to be growing, particularly within the individual consumer segment, propelled by digitalization and financial inclusion initiatives. The demand from business consumers for credit is also showing positive growth.

Customer Segment Growth/Decline Trend (2024-2025) Key Indicators
Individual (B2C) Growing Increase in financial inclusion efforts and targets (77% by 2024). Growth in clients of digital financial services (e.g., Spin by OXXO: >12M clients by Sep 2024; NuBank: 10M loans by Jan 2025).
Business (B2B) Growing 8.8% increase in private sector credit (includes business lending) in Dec 2024. Continued demand for deposits and wholesale payments.

References

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