The Latin America, Middle East and Africa Mobile Banking Market would witness market growth of 18.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Mobile Banking Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $130.2 Million by 2031. The Argentina market is showcasing a CAGR of 19.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 18.5% during (2024 - 2031).
Consumer preferences are shifting towards convenience, accessibility, and flexibility in banking services. Banking apps offer users the ability to manage their finances anytime, anywhere, without the constraints of traditional branch banking. As customers grow more used to digital interactions in other areas of their lives, they anticipate comparable degrees of accessibility and ease from their banking services.
Likewise, banks and financial institutions are investing heavily in digital transformation initiatives, including developing banking platforms. These initiatives aim to meet the evolving needs of consumers who prefer digital banking channels and to enhance the overall customer experience. banking apps are a key component of these initiatives, providing users convenient access to banking services on their mobile devices.
Greater investment in fintech startups in the region fosters innovation in banking solutions. With increased funding, fintech companies have the resources to develop and enhance banking apps with advanced features and functionalities. The Middle East and North Africa had a 58 percent growth in venture capital for fintech, from $587 million in 2021 to $925 million in 2022. Money rounds are increasing larger, with 131 deals receiving money in 2022 compared to 124 deals in 2021. Venture capital funding to the sector climbed from 21% in 2021 to 29% in 2022. Hence, the increasing fintech industry in the region is propelling the market’s growth.
Free Valuable Insights: The Worldwide Mobile Banking Market is Projected to reach USD 5.7 Billion by 2031, at a CAGR of 16.5%
Based on Platform, the market is segmented into Android, iOS, and Others. Based on Transaction, the market is segmented into Consumer-to-business, and Consumer-to-consumer. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Platform
By Transaction
By Country
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