The MVNO sector in Latin America is entering a high-growth phase, with subscriptions set to nearly double from 32.8 million in 2024 to 57.2 million by 2029. Supported by regulatory shifts and new business models, the market is evolving rapidly, creating opportunities for both new and established players.

Market Leaders & Key Players

Mexico and Brazil dominate the region’s MVNO landscape, benefiting from wholesale-friendly regulations and strong partnerships with retailers, financial institutions, and IoT providers. Mexico alone accounts for over 60% of regional MVNO subscriptions, with Walmart’s Bait leading at 14.9 million users.

New Entrants & Emerging Business Models

Beyond traditional MVNOs, neobanks, sports clubs, travel eSIM providers, and IoT-focused operators are reshaping the industry. Backed by MVNEs and cloud-based BSS solutions, these players are creating new avenues for growth.

What Gives MVNOs a Competitive Edge?

Successful MVNOs in Latin America leverage key advantages that help them thrive in a dynamic market:

• Established customer bases – Retailers, banks, and ISPs can tap into existing audiences.
• Efficient operations – Streamlined distribution and Lean cost structure.
• Tech-driven agility – AI, automation, and cloud-based BSS enable scalability.
• Strategic partnerships – Strong collaborations with MNOs and MVNEs enhance market positioning.

Latin America’s MVNO market is full of opportunities, but success depends on adaptability, differentiation, and smart execution.